VanEck files for BNB ETF in Delaware
VanEck files for first U.S.-based BNB ETF in Delaware.
Investment management firm VanEck has filed to establish a Binance Coin (BNB) exchange-traded fund (ETF) in Delaware, marking the first official move toward a U.S.-based BNB ETF.
This registration adds to the firm’s growing suite of digital asset ETFs and comes amid surging institutional interest in crypto investment vehicles, reports Cryptopolitan.
VanEck Files for BNB ETF Trust in Delaware
VanEck submitted the filing on April 1, registering the VanEck BNB ETF under file number 10148820, according to public Delaware state records. The filing initiates the creation of a trust entity, a standard preparatory step prior to submitting a formal S-1 registration with the U.S. Securities and Exchange Commission (SEC).
If successful, this ETF would be the first U.S.-based product to track the performance of Binance Coin, the fifth-largest cryptocurrency by market capitalization. Although 21Shares currently offers a BNB exchange-traded product (ETP) in international markets, no similar structure exists in the U.S. market.
The announcement sparked a sharp uptick in BNB trading volume, which rose by 42% to over $2.12 billion, even as the token’s price dipped 5.27% over the past week, currently trading near $599.70.
Fifth Crypto ETF Filing from VanEck
VanEck’s BNB filing follows its previous registrations for ETFs tied to Bitcoin, Ethereum, Solana, and most recently, Avalanche (AVAX)—making BNB the fifth crypto asset for which the firm has initiated an ETF structure in Delaware.
VanEck already manages approved spot Bitcoin and Ethereum ETFs in the U.S. and oversees nearly $115 billion in global assets. The firm’s aggressive expansion into crypto ETFs reflects a broader institutional pivot toward regulated digital asset products.
In June 2024, VanEck filed for the first Solana ETF in the U.S. and followed with an Avalanche ETF registration last month. The AVAX trust, filed under number 10125689, is also structured as a Delaware statutory trust, with VanEck as sponsor.
Competitive Landscape Heats Up
The announcement comes as traditional financial institutions ramp up their involvement in crypto ETFs. Grayscale, for instance, has filed to list an AVAX ETF on Nasdaq, using Coinbase Custody as the custodian. Grayscale also offers spot Bitcoin and Ethereum ETFs and is seeking to launch additional funds based on XRP, Solana, and Dogecoin.
Industry analysts see VanEck’s strategy as a calculated bet. “VanEck seems to be taking a ‘throw everything at the wall and see what sticks’ approach,” said Sumit Roy, senior ETF analyst at etf.com. “Being first to market with an ETF in a new category comes with potential upside and little downside.”
Growing Demand for Crypto ETPs
The surge in ETF filings follows the strong market reception for spot Bitcoin and Ethereum ETFs in 2024. Crypto-based exchange-traded products globally now manage over $44 billion in assets, indicating robust investor appetite for regulated exposure to digital assets.
With VanEck leading a wave of ETF innovation, and competitors like Grayscale and BlackRock expanding their crypto portfolios, the race to capture first-mover advantage in niche digital asset ETFs is accelerating. Whether the SEC will approve a BNB ETF remains to be seen, but the filing signals a new phase in institutional crypto adoption.
Recently we wrote, that VanEck files for Avalanche-ETF in latest push into crypto markets.
