VanEck Files for Spot Binance Coin (BNB) ETF, Marking a Significant Institutional Cryptocurrency Investment Product Growth

One of the prominent and leading asset managers, VanEck, has filed an application with the U.S. Securities and Exchange Commission (SEC) for launching Binance Coin (BNB)

Prominent asset manager VanEck has taken a significant step toward expanding the institutional cryptocurrency investment product landscape. The firm, known for its successful launch of Bitcoin (BTC) and Ethereum (ETH) ETFs, has filed an application with the U.S. Securities and Exchange Commission (SEC) for launching Binance Coin (BNB) ‘s first-ever exchange-traded fund (ETF).

The firm, which manages about $115 billion in global client assets, submitted the new product, VanEck BNB ETF, on March 31, according to Delaware public records listed on the state’s official website. The company is filing the new product in a corporate trust service company capacity, and the assigned internal number is 10148820.

Along with the file, BNB becomes the fifth cryptocurrency to have a standalone ETF registration initiated by VanEck in Delaware. The firm also has i nner filings for Solana and Bitcoin in the state.

This is the first step in the process of launching an ETF, which typically comes before a more formal application to the Securities and Exchange Commission.

If approved, the fund would allow regular investors to gain exposure to BNB without having to buy the asset itself, making it easier for them to invest in one of the major cryptocurrencies in terms of market capitalization.

This filing by VanEck is the first to try to bring a Binance Coin (BNB) ETF to the U.S. market. Though BNB-related products such as the 21Shares Binance BNB ETP are available, they are not U.S.-based ETFs.

Earlier this year, the crypto derivatives trading platform, FTX, also reportedly planned to launch a BNB ETF in Europe via its joint venture with a European ETF provider. However, the crypto exchange went bankrupt in November 2022.

Following the successful registration of Bitcoin and Ethereum ETFs earlier, the firm filed for a spot Solana ETF in mid-2022.

Last month, saw the firm register an Avalanche ETF in the state of Delaware. The firm submitted the new product on March 31.

The move comes as investors’ appetite for diversified exposure to digital assets is broadening.