VanEck, a global investment firm, has registered an application to create an ETF for Binance Coin, marking the first attempt in the US. This move impacts the altcoin market for ETFs.
ETF Registration for BNB
VanEck filed for the "VanEck BNB ETF" on March 31. The trust registration is a crucial preparatory step before a formal application is submitted to the US Securities and Exchange Commission (SEC). If approved, the ETF will track the price of Binance Coin, which is the fifth-largest cryptocurrency by market capitalization.
BNB Among Other Crypto ETFs
The filing places BNB alongside Bitcoin, Ethereum, Solana, and Avalanche, all of which have had standalone ETF registrations initiated by VanEck in Delaware. The firm successfully launched spot Bitcoin and Ethereum ETFs last year following SEC approval.
Altcoin Market and ETFs
The rising interest in investment products for altcoins is evident as asset managers explore ETFs beyond Bitcoin and Ethereum. Litecoin ETFs are estimated to have a 90% chance of approval, whereas XRP and Solana face lower odds. VanEck is continuing its push into the altcoin ETF space.
VanEck’s filing for the BNB ETF could be an indicator of growing interest in altcoins in the financial market. If the ETF is approved, it could lead to increased integration of Binance Coin into mainstream financial structures.
