VanEck Takes Bold Step With First BNB ETF Filing in the U.S.
VanEck, a prominent asset manager, has submitted a request to the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) that would hold BNB, the native token of Binance’s BNB Chain. This marks the first-ever attempt to list a BNB-based ETF in the United States.
According to the firm’s S-1 filing, the proposed ETF will invest in spot BNB tokens. It may also stake a portion of the fund’s assets using one or more trusted providers to potentially generate yield. As of May 5, staking BNB yields about 2.5%, based on data from StakingRewards.com.
BNB is one of the most valuable cryptocurrencies, boasting a market capitalization of around $84 billion. Binance’s BNB Chain also ranks among the leading smart contract platforms, with nearly $6 billion in total value locked, according to DefiLlama.
ETF Boom May Spill Over to Altcoins
VanEck’s move comes amid rising speculation that the success of spot Bitcoin ETFs could spark interest in other digital assets. Binance co-founder Changpeng “CZ” Zhao recently suggested that investor enthusiasm for Bitcoin ETFs could extend to altcoins.
“This cycle so far has been the ETFs. And it’s almost all Bitcoin,” CZ said at the Token2049 conference in Dubai. “Ether hasn’t had as much success, but Bitcoin success will spill over to the others eventually.”
Since launching in January 2024, spot Bitcoin ETFs have pulled in over $40 billion in net inflows, according to Farside Investors.
VanEck Expands Its Crypto ETF Ambitions
VanEck’s BNB ETF filing is part of a broader trend of increasing interest in altcoin-based ETFs. In recent months, the firm has also submitted proposals for ETFs holding Solana and Avalanche. These filings reflect a growing appetite among institutional investors for diversified crypto exposure beyond just Bitcoin and Ethereum.
The SEC has acknowledged a wave of crypto ETF applications, particularly since January 20, when former President Donald Trump officially left office. Proposals have included funds targeting various layer-1 blockchain tokens, signaling a potential shift in regulatory and market dynamics.
