VanEck, a prominent American investment firm, has filed a trust entity application in Delaware to launch the first Binance Coin ETF in the US.
Filing in Delaware
On March 31st, VanEck filed to establish a trust entity in Delaware under filing number 10148820. This move serves as a preliminary step before a formal application is submitted to the US Securities and Exchange Commission (SEC).
Potential SEC Approval
If approved, the VanEck BNB ETF would become the first US-based ETF to track the price of Binance Coin, the fifth-largest cryptocurrency by market capitalization. While BNB-related products like 21Shares Binance BNB ETP are available internationally, no similar ETFs exist in the US.
BNB Price Context
The latest filing did not immediately impact BNB’s market performance, as it trades at approximately $605. BNB fell by 1.36% over the past 24 hours and by 4.3% over the past week, amidst news of World Liberty Financial's launch of a USD-backed stablecoin, USD1, on the BNB Chain.
Securing approval for the VanEck BNB ETF would be a significant milestone for the US market, providing investors with new opportunities in crypto asset investment.
