American investment manager VanEck has filed for an exchange-traded fund that will track the price of Binance Coin (BNB).
What is the BNB ETF?
The VanEck BNB ETF will track the price of the BNB token, providing investors with access to this asset. The fund is still pending approval from the U.S. Securities and Exchange Commission, with the ticker yet to be disclosed.
Fund Structure and Staking Opportunities
The fund's structure includes provisions for staking rewards. If approved to use a portion of the BNB tokens for staking, the fund could receive certain BNB staking rewards, which may be treated as income.
BNB Market and Prospects
Despite BNB's price remaining at $592 and down 0.4% for the day, demand for the token is still high. Active addresses on BNB Chain increased by 13% over the past week to 5.2 million, exceeding Ethereum's activity.
VanEck's application for an ETF holding BNB tokens opens new opportunities for investors in the cryptocurrency market, especially if staking measures are approved.
