VanEck Registers Binance Coin (BNB) Exchange-Traded Fund in Delaware

The move comes as major financial institutions continue to bet on digital assets despite market volatility.

Investment giant VanEck has registered an entity for Binance Coin (BNB) ETF in Delaware, according to Delaware’s official state website. This marks the fifth cryptocurrency ETF registration by the New York-based company in the state.

The new product was registered on Monday, April 1, under filing number 10148820. It is named “VanEck BNB ETF” and registered as a trust corporate service company. Previously, VanEck registered similar products for Bitcoin, Ethereum, Solana, and Avalanche ETFs.

The move comes as major financial institutions continue to bet on digital assets despite market volatility. Several institutions, including Grayscale and ARK Invest, are currently applying to launch new cryptocurrency ETFs.

On-chain data showed that BNB’s trading volume jumped 40% to over $2 billion after the announcement. It is currently ranked as the fifth-largest cryptocurrency with a market value of about $599.

First Attempt To Create A Binance Coin ETF In US Markets

This filing marks the first attempt to create a Binance Coin ETF specifically for US investors. While other BNB-related products exist in global markets, such as the 21Shares Binance ETP, none are based in the United States. The 21Shares product remains the only exchange-traded note tracking the Binance Coin index.

The move follows VanEck’s successful launches of Bitcoin and Ethereum ETFs last year after securing approval from the Securities and Exchange Commission. The company manages nearly $115 billion in client assets globally.

“VanEck seems to be taking a ‘throw everything at the wall and see what sticks’ approach, which makes sense,” said Sumit Roy, senior ETF analyst at etf.com. “Avalanche isn’t the most widely traded cryptocurrency, but being first to market with an ETF in a new category comes with potential upside and little downside.”

The company applied for SEC approval to launch the first AVAX ETF in December. According to filings with the state of Delaware, that document was registered under file no. 10125689.

VanEck isn’t alone in pursuing alternative cryptocurrency ETFs. Grayscale has also applied to launch funds based on XRP, Solana, and Dogecoin. The firm’s Bitcoin fund currently manages nearly $17 billion and ranks third among Bitcoin funds from companies like BlackRock and Fidelity.

Crypto ETFs Are Gaining Momentum

The surge in ETF applications follows the strong performance of spot Bitcoin and Ethereum funds in 2023. Crypto-based exchange-traded products have drawn an astounding $44 billion in assets during 2024 alone.

Earlier this month, the NASDAQ exchange submitted an application to the SEC to list shares of an Avalanche ETF issued by crypto asset manager Grayscale. According to filing documents, Grayscale’s AVAX fund would use Coinbase Custody as its custodian.

The latest move by VanEck with BNB suggests that major financial institutions see growing investor appetite for regulated cryptocurrency investment vehicles beyond just Bitcoin.

Earlier in June, the investment firm filed for a Solana ETF, making it the first potential SOL exchange-traded fund in the US. To gain official approval, VanEck must now file a formal S-1 form with the SEC for these newly registered crypto ETFs.