TL;DR
- VanEck seeks to launch the first BNB ETF in the U.S., a proposal that would allow generating extra income through staking of assets in custody.
- Institutional interest in altcoin ETFs is growing under new SEC leadership, with more than 70 requests currently under review.
- BNB, valued at around $598, holds the fourth spot among non-stablecoin cryptocurrencies by market cap.
VanEck has filed with the U.S. Securities and Exchange Commission (SEC) to launch a BNB exchange-traded fund (ETF).
If approved, it would become the first product of its kind linked to the native token of BNB Chain in the U.S. market. The initiative aims to capitalize on the growing institutional interest in altcoin ETFs, whose popularity continues to rise under new SEC leadership.
VanEck Proposes BNB ETF with Staking Option
VanEck’s proposal includes the possibility for assets in custody to generate staking rewards, earn additional BNB, or other related income. This feature would enhance profitability for investors and introduce a model not yet considered for cryptocurrency ETFs in the U.S.
Currently, the token ranks fourth among non-stablecoin cryptocurrencies by market capitalization. It is the main asset of BNB Chain, a blockchain network closely associated with Binance, one of the largest cryptocurrency exchanges in the world. In addition to functioning as a payment method to reduce trading fees within the exchange, BNB also allows purchases at merchants and travel bookings via the Binance Card.
In Europe, a similar product is already managed by 21Shares, listed on multiple exchanges across the continent. However, the interest in introducing such vehicles to the U.S. market has grown as regulatory criteria are relaxed and more firms compete to launch new altcoin-based ETFs apart from Bitcoin and Ethereum.
SEC Reviews Over 70 ETF Applications
BNB’s value hovers around $598, with a market capitalization exceeding $84 billion. VanEck’s filing coincides with the TOKEN2049 event, where industry figures such as Changpeng Zhao and Jan Van Eck participated. While no direct link between the two events has been confirmed, their proximity in time sparked some speculation.
Currently, the SEC is reviewing over 70 altcoin ETF applications. The decision on this initiative could mark the beginning of a new phase for financial products linked to the crypto market in the U.S.
