American investment manager VanEck has filed to establish a trust entity for a proposed BNB exchange-traded fund in Delaware.

VanEck's filing marks the first attempt to launch a Binance Coin (BNB) ETF specifically in the US market. While BNB-related products like the 21Shares Binance BNB ETP exist, they are not US-based ETFs.

American investment manager VanEck has filed to create a trust entity for a proposed Binance Coin exchange-traded fund in Delaware, a move that kicks off the launch process for the new product.

The establishment of the trust, registered on March 31, is a preliminary step in the ETF launch. It will be followed by the formal application to the Securities and Exchange Commission (SEC).

The firm, which manages nearly $115 billion in client assets globally, registered the new product, VanEck BNB ETF, filing number 10148820 as a trust corporate service company, according to public records on the official Delaware state website.

The filing marks the first attempt to launch a Binance Coin (BNB) ETF specifically in the US market. While BNB-related products like the 21Shares Binance BNB ETP exist, they are not US-based ETFs.

The initiative comes as part of VanEck’s broader efforts to expand its cryptocurrency offerings in the US. The firm's flagship Bitcoin and Ether ETFs, launched last year, are already actively trading on the market.

The prospective BNB ETF would track the price of BNB, currently ranked as the fifth-largest crypto asset by market capitalization. The crypto asset was trading at around $608 at press time, with little price movement in the last 24 hours, according to CoinGecko.

Earlier this year, reports indicated that asset managers were preparing to submit applications for spot Bitcoin and Ether ETFs. In June, Solana became the fifth cryptocurrency to have a standalone ETF registration initiated by VanEck in Delaware.

At the beginning of the year, a report by the Depository Trust & Clearing Corporation (DTCC) highlighted the increasing interest in crypto ETFs, with more than 50 applications for Bitcoin ETFs submitted to the SEC since early 2021.

As of last year, the SEC had yet to approve any standalone Bitcoin or Ether ETFs, despite approving leveraged and inverse Bitcoin futures ETFs from ProShares and Direxion.

However, in August 2023, the SEC approved the first spot Bitcoin and Ether ETFs from asset managers.

In May, the SEC postponed its decision on several Bitcoin ETF proposals from asset managers, including Bitwise, Charles Schwab, and Cathay. The regulator also requested more time to review applications for Ether ETFs from asset managers such as Roundhill and Boston Private.

In June, the SEC approved the first spot Bitcoin and Ether ETFs from asset managers. The regulator also approved applications for leveraged and inverse Bitcoin futures ETFs from ProShares and Direxion.

At the same time, the SEC rejected applications for leveraged and inverse Bitcoin futures ETFs from asset managers.

The move is part of the broader trend of asset managers launching crypto products in the US market.

output: American investment manager VanEck has filed to create a trust entity for a proposed Binance Coin exchange-traded fund in Delaware, kicking off the launch process for the new product.

The establishment of the trust, registered on March 31, is a preliminary step in the ETF launch, which will be followed by the formal application to the Securities and Exchange Commission (SEC).

The firm, which manages nearly $115 billion in client assets globally, registered the new product, VanEck BNB ETF, filing number 10148820 as a trust corporate service company, according to public records on the official Delaware state website.

The filing marks the first attempt to launch a Binance Coin (BNB) ETF specifically in the US market. While BNB-related products like the 21Shares Binance BNB ETP exist, they are not US-based ETFs.

The initiative is part of VanEck’s broader efforts to expand its cryptocurrency offerings in the US. The firm’s flagship Bitcoin and Ether ETFs, launched last year, are already actively trading on the market.

The prospective BNB ETF would track the price of BNB, currently ranked as the fifth-largest crypto asset by market capitalization. The crypto asset was trading at around $608 at press time, with little price movement in the last 24 hours, according to CoinGecko.

Earlier this year, reports indicated that asset managers were preparing to submit applications for spot Bitcoin and Ether ETFs. In June, Solana became the fifth cryptocurrency to have a standalone ETF registration initiated by VanEck in Delaware.

At the beginning of the year, a report by the Depository Trust & Clearing Corporation (DTCC) highlighted the increasing interest in crypto ETFs, with more than 50 applications for Bitcoin ETFs submitted to the SEC since early 2021.

As of last year, the SEC had yet to approve any standalone Bitcoin or Ether ETFs, despite approving leveraged and inverse Bitcoin futures ETFs from ProShares and Direxion.

However, in August 2023, the SEC approved the first spot Bitcoin and Ether ETFs from asset managers.

In May, the SEC postponed its decision on several Bitcoin ETF proposals from asset managers, including Bitwise, Charles