TL;DR
- On March 31, VanEck registered a new entity named “VanEck BNB ETF” in Delaware, marking a key step toward launching the first BNB ETF in the U.S.
- Approval would represent a milestone for BNB, the fourth most valuable cryptocurrency behind Bitcoin, Ethereum, and Solana.
- This move adds to VanEck’s growing crypto ETF strategy, which already includes proposals for Avalanche and Solana, reinforcing its pro-crypto stance in U.S. markets.
Renowned asset manager VanEck has sent a strong signal of its intent to launch the first ETF tied to the BNB token in the United States. According to public records from Delaware’s official state portal, a new entity called “VanEck BNB ETF” was officially registered on March 31. This marks the first formal step in the process of creating an exchange-traded fund based on this digital asset. Although a formal filing with the Securities and Exchange Commission (SEC) is still pending, this kind of registration typically precedes strategic moves by major financial firms that aim to expand their presence in the blockchain ecosystem.
BNB, the native token of the BNB Chain ecosystem (formerly Binance Smart Chain), ranks as the fourth most important cryptocurrency in the world by market capitalization, surpassing $90 billion. While 21Shares currently manages a BNB ETP listed on several European exchanges, no similar product has yet been approved in the United States. If launched, the VanEck BNB ETF would pave the way for increased institutional adoption of this asset, offering U.S. investors a regulated vehicle to gain exposure to BNB without direct custody.
VanEck Doubles Down on Crypto with BNB ETF Initiative
This is not VanEck’s first attempt at entering the crypto ETF space. Earlier this March, the firm submitted a proposal for an Avalanche ETF, and in June 2023, it filed for a Solana ETF, an application that was acknowledged by the SEC in February.
VanEck’s strategy appears aligned with a broader move to diversify into high-potential digital assets. This forward-looking vision highlights VanEck’s firm commitment to supporting the crypto sector’s growth and integrating it into mainstream finance.
One Step Closer to Altcoin Legitimacy
VanEck’s initiative can be interpreted as a clear signal that digital assets are evolving from fringe speculation into fully-fledged financial instruments with institutional backing. While there have been fake ETF filings in the past, such as the bogus “iShares XRP Trust” from 2023, VanEck’s track record lends significant credibility to this latest development. If approved, the BNB ETF could become a bullish catalyst for the token and further solidify its role in the global crypto ecosystem.
