Investment firm VanEck has filed to create an exchange-traded fund (ETF) for Binance Coin (BNB) in Delaware. This marks the first attempt to launch a BNB-focused ETF in the United States.
What is the BNB ETF?
According to public records, VanEck registered the 'VanEck BNB ETF' on March 31 under filing number 10148820. The trust registration is a crucial preparatory step before submitting a formal ETF application to the U.S. Securities and Exchange Commission (SEC). If approved, the ETF will track the price of Binance Coin, the fifth-largest cryptocurrency by market capitalization.
The Development of Crypto ETFs
Registration places BNB alongside Bitcoin, Ethereum, Solana, and Avalanche as the fifth cryptocurrency to have a standalone ETF registration initiated by VanEck in Delaware. Last year, the firm successfully launched spot Bitcoin and Ethereum ETFs.
Prospects for Regulatory Approval
While demand for altcoin ETF products is rising, the SEC has historically been cautious about crypto ETFs, citing concerns over market manipulation and investor protection. Analysts view VanEck's BNB ETF filing as a potential test case for broader acceptance of altcoin ETFs.
VanEck’s filing for a BNB ETF may signal a more open stance from regulators towards investment vehicles in digital assets, further integrating Binance Coin into mainstream financial markets.
