BNB Chain Eyes First US ETF as VanEck Moves Forward

VanEck, a global investment firm managing nearly $115 billion in assets, has filed to establish a trust for a Binance Coin (BNB) exchange-traded fund (ETF) in Delaware. This move marks the first attempt to launch a BNB-focused ETF in the United States. 

While similar BNB-related investment products, like the 21Shares Binance BNB ETP, already exist in other markets, no US-based BNB ETF has been introduced so far.

According to public records, VanEck registered the "VanEck BNB ETF" on March 31 under filing number 10148820. The trust registration is a crucial preparatory step before submitting a formal ETF application to the US Securities and Exchange Commission (SEC).

If approved, the BNB ETF will track the price of Binance Coin, the fifth-largest cryptocurrency by market capitalization. 

BNB Joins Growing List of Crypto ETFs

The filing places BNB alongside Bitcoin, Ethereum, Solana, and Avalanche as the fifth cryptocurrency to have a standalone ETF registration initiated by VanEck in Delaware. The firm successfully launched spot Bitcoin and Ethereum ETFs last year following SEC approval.

VanEck has been actively expanding its crypto investment offerings. In June 2024, it became the first firm to file for a Solana ETF in the US. After this initial filing, VanEck and other asset managers, including 21Shares, submitted additional forms like the 19b-4 to advance the approval process.

The firm has also set its sights on Avalanche (AVAX). Just a few weeks ago, VanEck filed for the first AVAX ETF in the US, seeking to provide investors with direct exposure to Avalanche’s native token. If approved, the VanEck Avalanche ETF will hold AVAX directly and use the MarketVector Avalanche Benchmark Rate for pricing, aggregating data from the top five trading platforms.

Altcoin ETFs Gain Momentum

As asset managers explore ETFs beyond Bitcoin and Ethereum, the demand for altcoin investment products is rising. The SEC approved spot Bitcoin ETFs in January and recently cleared Ethereum-based ETFs, sparking industry interest in other digital assets.

Bloomberg ETF analysts estimate that Litecoin ETFs have a 90% chance of approval, while XRP and Solana face lower probabilities. Avalanche, with its growing adoption in financial applications like Franklin Templeton’s tokenized fund, could also have strong potential for regulatory approval.

VanEck’s continued push into the altcoin ETF space underscores the increasing appetite for diversified crypto investment vehicles. 

However, The SEC has historically been cautious about crypto ETFs, citing concerns over market manipulation and investor protection. However, shifting regulatory attitudes and the establishment of a Crypto Task Force under President Donald Trump’s administration suggest a more open stance toward digital asset investment products.

Analysts view VanEck’s BNB ETF filing as a potential test case for broader acceptance of altcoin ETFs. If the BNB ETF gains approval, it would further integrate Binance Coin into mainstream financial markets.