VanEck has filed to create a Binance Coin ETF in Delaware, marking the first step towards launching such a product in the US.
Establishing the Binance Coin ETF
VanEck, with nearly $115 billion in assets under management, has filed to establish a trust in Delaware aimed at launching a Binance Coin ETF. This marks the first attempt to launch a BNB-focused ETF in the US. While similar investment products like the 21Shares Binance BNB ETP exist in other markets, no US-based ETF has yet been introduced.
BNB Joins the Ranks of Crypto ETFs
The filing places Binance Coin alongside cryptocurrencies such as Bitcoin, Ethereum, Solana, and Avalanche, which have already had ETF registrations initiated by VanEck in Delaware. The firm successfully launched spot Bitcoin and Ethereum ETFs last year following SEC approval. In June 2024, VanEck became the first firm to file for a Solana ETF in the US.
Altcoin ETFs Gain Popularity
As interest in altcoin investment products rises, many asset managers explore beyond Bitcoin and Ethereum offerings. The SEC has approved spot Bitcoin ETFs and recently Ethereum-based ETFs, sparking industry interest in other digital assets. Bloomberg analysts estimate Litecoin ETFs have a 90% chance of approval, while XRP and Solana face lower probabilities.
VanEck's filing for a Binance Coin ETF could be a significant step toward broader adoption of altcoin ETFs. If approved, the ETF would integrate Binance Coin into mainstream financial markets.
