Investment company VanEck filed to register a Delaware trust company for an exchange-traded fund (ETF) tracking Binance-linked BNB cryptocurrency.

VanEck, on March 31, registered a new entity under the name VanEck BNB ETF in Delaware, according to public records on the official Delaware state website.

Investment company VanEck has filed to register a Delaware trust company for an exchange-traded fund (ETF) tracking Binance-linked BNB cryptocurrency.

The company registered a new entity named VanEck BNB ETF in Delaware on March 31, according to public records on the official Delaware state website.

In filing 10148820, the entity is registered as a trust, corporate service company in Delaware, hinting at a potential spot BNB (BNB) ETF in the United States.

VanEck BNB ETF trust registration in Delaware. Source: Delaware.gov

According to social media reports, VanEck is the first company to propose a potential BNB ETF in the US, potentially signaling an expansion of BNB Chain — formerly known as Binance Chain — across traditional financial products in the market.

BNB ETP product already exists in Europe

While VanEck is the first to move toward a potential BNB ETF product in the US, similar products have been trading in Europe for several years.

Prominent European crypto asset manager 21Shares launched a BNB exchange-traded product (ETP) in Switzerland in October 2019, according to TradingView.

21Shares BNB ETP details. Source: TradingView

TradingView data suggests that 21Shares BNB ETP has only $15 million in assets under management (AUM), a 0.3% share of Switzerland’s total crypto AUM of $5.3 billion as of March 28, according to CoinShares.

The product reportedly saw a significant drop in fund flows in the past year, now totaling 537 million euros, or $580 million.

What is BNB?

Formerly known as Binance Coin, BNB is the native digital asset of the BNB Chain, which is now described as a “community-driven and decentralized blockchain ecosystem for Web3 decentralized applications.”

BNB was launched by Binance in July 2017 as an ERC-20 token on the Ethereum blockchain as a tool to incentivize users to trade on their platform and pay for fees at a discounted rate.

Five top crypto assets by market capitalization. Source: CoinGecko

At the time of writing, BNB is the fifth-largest cryptocurrency asset by market capitalization, valued at about $88 billion, according to CoinGecko.

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The filing for VanEck’s BNB ETF trust comes after the firm registered a similar Delaware trust for an ETF tracking the price of Avalanche (AVAX) in early March, becoming one of the first companies to do so.

Many ETF issuers have filed for an XRP (XRP) ETF with the Securities and Exchange Commission, with at least nine companies submitting standalone XRP ETF filings by March 12.