Investment firm VanEck has taken steps to create the first US ETF linked to Binance Coin by registering a fund trust in Delaware.
VanEck's Registration for BNB ETF
While similar products exist outside the US, VanEck's filing for the VanEck BNB ETF marks the first attempt in the US. Filed on March 31 under number 10148820, this is a crucial step before submitting a formal application to the SEC. If approved, the BNB ETF will track the price of Binance Coin.
Growing Interest in Crypto ETFs
BNB joins the list of cryptocurrencies with initiated ETF registrations by VanEck, including Bitcoin, Ethereum, Solana, and Avalanche. Last year, the firm successfully launched spot Bitcoin and Ethereum ETFs following SEC approval. In June 2024, VanEck became the first to file for a Solana ETF in the US.
Outlook for Altcoin ETFs
As interest in altcoin-oriented products grows, so does the demand for investments in various digital assets through ETFs. Bloomberg analysts estimate a 90% approval chance for Litecoin ETFs, while XRP and Solana face lower probabilities. Despite SEC's caution over crypto ETFs, VanEck's BNB application is seen as an important test for expanding altcoin ETF offerings.
VanEck's BNB ETF filing could play a key role in the acceptance of altcoin ETFs in the market, potentially integrating Binance Coin into mainstream financial markets.
