VanEck has filed for approval for a new spot exchange-traded fund (ETF) tracking the price of BNB, the native crypto of the Binance-linked BNB Chain.
The fund manager, which already offers spot Bitcoin (BTC) and Ethereum (ETH) ETFs in the U.S., has registered a trust entity in Delaware for a BNB ETF, mirroring moves made prior to its other spot crypto ETF forays.
If fully approved, it could potentially become the first such product in the United States based on the fifth-largest crypto.
VanEcK Registers For BNB Fund In Delaware
New York investment manager VanEck, on March 31, registered a new entity under the name VanEck BNB ETF in Delaware. The establishment of a trust serves as a preparatory step in the spot ETF launch process, preceding the formal application to the U.S. Securities and Exchange Commission (SEC).
Notably, VanEck is the first asset manager to propose a potential BNB ETF in the US, potentially pointing to an expansion of BNB Chain (formerly called Binance Chain) across traditional financial products in the market.
VanEck was among the first issuers of Bitcoin and ether funds in the U.S. following their historic approval in January and July last year, respectively.
Altcoin ETF Avalanche Under Trump Administration
VanEck’s registration comes as other investment managers in the U.S. race to offer new crypto products under the SEC’s now more crypto-friendly regime, covering major crypto assets like Solana, Ripple’s XRP, and memecoin OG Dogecoin, and more recently, smaller ones in spot ETF filings.
In early March, VanEck registered a similar trust in Delaware for an ETF tracking the price of Avalanche (AVAX), also becoming one of the first asset managers to register such an entity. A week later, the firm submitted its S-1 registration statement for its AVAX ETF.
The SEC, under the leadership of acting chair Mark Uyeda, has already acknowledged multiple applications for exchange-traded funds linked to altcoins, signaling a more supportive approach toward altcoin-based investment vehicles.
In a matter of a couple of weeks, the agency has repealed the controversial crypto rule SAB 121, dropped enforcement cases against key crypto industry players, and created a crypto task force helmed by pro-crypto commissioner Hester Pierce.
Meanwhile, BNB is priced at approximately $600.82 as of press time, down 2% on the day despite news of VanEck’s ETF plans.
