VanEck Has Filed to Launch a Spot Exchange-Traded Fund (ETF) Tracking the Price of BNB

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

A U.S. asset manager has filed for approval of an exchange-traded fund (ETF) tracking the price of BNB, the native crypto of the Binance-linked BNB Chain.

VanEck has registered a trust entity in Delaware for a BNB ETF, according to a filing on Friday. This move follows the same steps taken by the firm prior to its other U.S. spot crypto ETF applications.

If fully approved, it could become the first such product in the U.S. based on the fifth-largest crypto.

New York investment manager VanEck, on March 31, registered a new entity named VanEck BNB ETF in Delaware, according to a filing with the U.S. Securities and Exchange Commission (SEC).

The establishment of a trust is a preparatory step in the process of launching an ETF, and it comes ahead of the formal application to the SEC.

Notably, VanEck is the first asset manager to propose a potential BNB ETF in the U.S., potentially indicating an expansion of BNB Chain (formerly called Binance Chain) into traditional financial products.

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.

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The firm’s move to register a trust entity is the final step before submitting an application with the SEC for a new ETF.

In early March, VanEck registered a similar trust in Delaware for an ETF tracking the price of Avalanche (AVAX), again becoming one of the first asset managers to do so. A week later, the firm submitted its S-1 registration statement for its AVAX ETF.

The SEC, now led by acting chair Mark Uyeda, has already acknowledged multiple applications for exchange-traded funds linked to altcoins, suggesting a shift in the agency’s stance.

In a matter of a couple of weeks, the agency has repealed the controversial crypto rule SAB 121, dropped enforcement cases against key crypto industry players, and created a crypto task force led by pro-crypto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.