VanEck is making its move toward a Binance Coin (BNB) ETF in the U.S. by registering a trust entity in Delaware for the VanEck BNB ETF. This is an essential first step before officially filing with the SEC.
Filing for BNB ETF
The filing, made on March 31 under filing number 10148820, positions BNB alongside Bitcoin, Ether, Solana, and Avalanche, cryptocurrencies for which VanEck has initiated standalone ETF registrations in Delaware. While BNB-related products like the 21Shares Binance BNB ETP are available globally, a U.S.-based BNB ETF does not exist yet.
VanEck's Role in Crypto ETFs
VanEck, a leader in the crypto ETF space with nearly $115 billion in assets under management, has been steadily growing its lineup. After securing SEC approval, the firm launched spot Bitcoin and Ethereum ETFs last year. More recently, it filed for the first-ever Solana (SOL) and Avalanche (AVAX) ETFs in the U.S.
The Significance and Potential of BNB ETF
If approved, the VanEck BNB ETF would directly track the Binance Coin’s price. Currently, BNB ranks as the fifth-largest cryptocurrency by market capitalization and was trading around $598 at press time, with little fluctuation in the past 24 hours.
VanEck has been making waves in the crypto ETF landscape since its bold Bitcoin futures ETF filing in 2017. This new initiative with a BNB ETF bolsters its position in expanding regulated crypto investment options in the U.S.
