VanEck Is Getting Closer to Launching a Spot BNB ETF

An American exchange-traded fund (ETF) based on Binance Coin (BNB) is getting closer to launch at the worldwide investment management firm VanEck.

An American exchange-traded fund (ETF) based on Binance Coin (BNB) is getting closer to launch at the worldwide investment management firm VanEck.

What Happened: Signifying a significant move toward bringing BNB into conventional financial markets, the firm filed a business in Delaware on March 31.

The company is now listed on the Delaware Division of Corporations' website as ‘VanEck BNB ETF, Trust, Corporate Service Corporation.’ It is registered under file number 10148820.

This new development follows a series of applications by VanEck for crypto ETFs earlier in 2024. These include Bitcoin (BTC), Ether (ETH), Solana (SOL), and Avalanche (AVAX) ETFs, showcasing the firm’s broader strategy in tapping into the burgeoning digital asset investment sector.

Why It's Important: This application is the first documented effort to create a spot BNB ETF in the United States.

Such a vehicle would allow for the controlled investment in Binance Coin to be made accessible to a broader spectrum of investors, including both institutional and retail participants.

It also aligns with the broader trend of crypto ETF applications in the U.S. in 2024.

Earlier this year, 21Shares and partners applied to list several crypto ETFs on the Euronext exchange in Paris. Among these is a BNB ETF, aiming to expand European investors' options for investing in Binance Coin.

The 21Shares BNB ETP (CRYPTO: 21BCOIN) was first introduced in Switzerland back in October 2019. Its goal is to provide capital markets investors with a specific and focused investment in Binance Coin.

The 21Shares ETP is a fully-hedged ETP, ensuring complete exposure to the price of Binance Coin. It is actively managed and charges an annual management fee of 1%.

According to TradingView data, the 21Shares BNB ETP currently manages about $15 million in assets. This constitutes 0.3% of Switzerland’s total crypto AUM, which stands at $5.3 billion as of March 28.