VanEck Seeks BNB ETF Approval—Big Win For Binance?
Investment giant VanEck has registered a Binance Coin (BNB) exchange-traded fund in Delaware, marking its fifth cryptocurrency ETF registration in the state. The move comes as major financial institutions continue to bet on digital assets despite market volatility.
BNB Joins VanEck’s Crypto ETF Lineup
According to public records on Delaware’s official state website, VanEck registered the new product on Monday under filing number 10148820. The “VanEck BNB ETF” was registered as a trust corporate service company, following similar registrations for Bitcoin, Ethereum, Solana, and Avalanche ETFs.
The New York-based company confirmed the BNB ETF will track the price of Binance Coin, currently ranked as the fifth-largest cryptocurrency with a market value of approximately $599. On-chain data showed BNB’s trading volume jumped 40% to over $2 billion after the announcement.
First BNB ETF Attempt In US Markets
VanEck’s filing represents the first attempt to create a Binance Coin ETF specifically for US investors. While other BNB-related products exist in global markets, such as the 21Shares Binance ETP, none are based in the United States. The 21Shares product remains the only exchange-traded note tracking the Binance Coin index.
JUST IN: VanEck Registers Entity for Potential First BNB ETF in the U.S.
VanEck has filed in Delaware to register an entity, hinting at plans for the first-ever BNB ETF in the U.S. market. The move marks a significant step towards expanding the accessibility of Binance Coin… pic.twitter.com/iFXBVu4mkD
— Crypto Town Hall (@Crypto_TownHall) April 2, 2025
The registration follows VanEck’s successful launches of Bitcoin and Ethereum ETFs last year after securing Securities and Exchange Commission approval. The company manages nearly $115 billion in client assets globally.
Crypto ETF Race Heats Up
“VanEck seems to be taking a ‘throw everything at the wall and see what sticks’ approach, which makes sense,” said Sumit Roy, senior ETF analyst at etf.com. “Avalanche isn’t the most widely traded cryptocurrency, but being first to market with an ETF in a new category comes with potential upside and little downside.”
BNB market cap currently at $85 billion. Chart: TradingView.com
The move comes just weeks after VanEck applied for SEC approval to launch the first AVAX ETF. Based on reports from Delaware’s state website, that document was registered under file number 10125689.
VanEck isn’t alone in pursuing alternative cryptocurrency ETFs. Grayscale has also applied to launch funds based on XRP, Solana, and Dogecoin. The firm’s Bitcoin fund currently manages nearly $17 billion and ranks third among Bitcoin funds from companies like BlackRock and Fidelity.
Crypto ETFs Gaining Momentum
The surge in ETF applications follows the strong performance of spot Bitcoin and Ethereum funds in 2023. Crypto-based exchange-traded products have drawn approximately $44 billion in assets during 2024 alone.
The NASDAQ exchange also submitted an application to the SEC on March 28 to list shares of an Avalanche ETF issued by crypto asset manager Grayscale. According to filing documents, Grayscale’s AVAX fund would use Coinbase Custody as its custodian.
VanEck’s latest move with BNB suggests major financial institutions see growing investor appetite for regulated cryptocurrency investment vehicles beyond just Bitcoin. The company filed for a Solana ETF in June 2024, making it the first potential SOL exchange-traded fund in the US.
To gain official approval, VanEck must now file a formal S-1 form with the SEC for these newly registered crypto ETFs.
Featured image from Gemini Imagen, chart from TradingView
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