VanEck Files For First Binance Coin (BNB) ETF In The US

Investment manager VanEck has filed to establish a trust entity for the first BNB ETF (exchange-traded fund) in the US.

Public records from the official Delaware state website show the firm registered the VanEck BNB ETF on March 31 under the filing number 10148820.

Former Binance CEO Changpeng Zhao, aka CZ, shared the news in an X post earlier today. 

VanEck

VanEck BNB ETF First Of Its Kind In The US

The formation of a trust is one of the first steps a company takes when in the process of launching an ETF. VanEck’s proposed BNB ETF now heads to the US Securities and Exchange Commission (SEC) for review.

Should VanEck’s proposed BNB ETF receive the regulatory nod from the SEC, it will mark the first fund of its kind that tracks Binance Coin, which is the 5th largest crypto by market cap, in the US. 

It is, however, not the first BNB-related product. 21Shares has already launched its Binance BNB ETP outside of the US. 

BNB’s price underwent a 24-hour retracement despite the bullish news. After registering a more than 1% drop in the last 24 hours, the crypto trades at $598.54 as of 1:20 a.m. EST, CoinMarketCap data shows.

BNB Joins VanEck’s Growing List Of Standalone Crypto ETFs

VanEck was among the firms that launched spot Bitcoin and Ethereum ETFs in the US at the start of 2024. Following the success of these funds, the asset manager went on to file for a Solana (SOL) ETF in June last year, and subsequently an Avalanche (AVAX) ETF.

Several other asset managers have filed for altcoin ETFs with the US securities regulator since Donald Trump returned to the White House in January. 

In February, analysts said that a Litecoin (LTC) ETF will be more likely to get approved in 2025 than other altcoin ETFs, putting the odds at 90%.

Related Articles:

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  • A Quarter Of S&P 500 Firms Could Hold Bitcoin By 2030
  • Bybit Shuts Down Its NFT Marketplace

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