VanEck Seeks SEC Approval for First Spot BNB ETF

BNB may soon join the ranks of U.S.-listed spot crypto ETFs thanks to a new push from VanEck.

The asset manager has quietly advanced its effort by submitting a fresh amendment to its S-1 registration, aiming to list a fund called VBNB on Nasdaq.

Rather than using futures or synthetic exposure, the product would hold actual BNB tokens in custody – a sign that VanEck wants the ETF to mirror the structure used by spot Bitcoin and Ethereum products.

The move places BNB at a crucial regulatory crossroads. Despite being one of the largest digital assets globally, it has never had a regulated U.S. investment vehicle, in part due to years of scrutiny surrounding Binance. Bringing BNB into an SEC-reviewed framework would mark a major shift, effectively placing it alongside newer entrants like Solana and XRP that have recently broken into the ETF arena.

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VanEck’s step also reflects a broader migration among ETF issuers toward multi-asset offerings. Having already rolled out Bitcoin and Ethereum funds, the firm is now signaling that large-cap assets beyond those two are ready for institutional packaging – a trend gaining speed in 2025 as regulators warm to a wider selection of spot crypto products.

With the amendment now filed, the SEC begins its review cycle, which typically involves comments, revisions, and an eventual decision deadline. Timelines remain uncertain, but if approval comes through, VBNB would become the first U.S. ETF to provide regulated BNB exposure, opening the door for a new category of institutional participation.