VanEck Seeks First BNB ETF Approval in the U.S.

VanEck has taken a bold step by filing for a Binance Coin (BNB) exchange-traded fund (ETF) in Delaware, aiming to introduce the first BNB ETF to the U.S. market.

This move highlights the growing interest among major financial institutions in expanding cryptocurrency investment options despite ongoing market challenges.

The BNB ETF registration, listed under filing number 10148820, joins VanEck’s existing crypto ETF lineup, which already features Bitcoin, Ethereum, Solana, and Avalanche. VanEck plans to track the performance of Binance Coin, currently one of the top five cryptocurrencies. The announcement led to a significant increase in BNB’s trading volume, soaring by 40% to over $2 billion.

This registration marks VanEck’s initial attempt to introduce a BNB-focused ETF within the United States, as previous BNB investment products have primarily targeted international markets. The company, known for its successful Bitcoin and Ethereum ETFs launched last year, manages nearly $115 billion in assets, reflecting its commitment to pioneering crypto-based investment vehicles.

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Some analysts view VanEck’s approach as strategic, noting that being first to market with new crypto ETFs can yield benefits with limited downside. As the competition intensifies, with companies like Grayscale also pursuing crypto ETFs, VanEck’s BNB filing signals a proactive stance in the race to diversify crypto investment options.

With the ETF market heating up, VanEck still needs to secure regulatory approval by filing a formal S-1 with the SEC. If successful, this BNB ETF could further solidify the company’s position in the rapidly evolving crypto investment landscape.

Alexander Stefanov