VanEck Files for First BNB ETF in U.S. to Expand Its Altcoin ETF Applications

On May 2, 2025, VanEck, a prominent asset manager, submitted a Form S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tracking Binance Coin (BNB), the native token of the BNB Chain. This filing marks the first attempt to offer a BNB-specific ETF in the U.S., potentially enabling traditional investors to gain exposure to one of the largest cryptocurrencies by market capitalization.

VanEck, managing $116.3 billion in assets, has a strong track record in cryptocurrency investment products, including spot Bitcoin and Ethereum ETFs. The Form S-1 filing outlines a spot BNB ETF that will hold BNB tokens in custody, with its value tied to BNB’s price, calculated from the top five trading platforms by MarketVector Indexes.

How the BNB ETF Will Work？

The ETF aims to mirror BNB’s market price, net of operational expenses, allowing investors to track the token without needing crypto wallets or direct exchange trading. The filing also explores the possibility of staking BNB, subject to SEC approval, which could generate income through trusted staking providers, potentially including VanEck affiliates. Staked rewards would be treated as income for the trust, though the ETF will not claim forked assets, airdrops, or other incidental rights.

VanEck prepared for this ETF by registering a Delaware trust on March 31, 2025, reflecting months of planning. In addition, VanEck has filed applications for other altcoin ETFs, including those tracking Solana and Avalanche.

The BNB ETF filing aligns with VanEck’s strategy to expand its crypto offerings, meeting the demand for regulated investment vehicles. While BNB-related products, like the 21Shares Binance BNB ETP, exist in Europe, the U.S. has lacked a comparable offering until now.

BNB, with a market capitalization of approximately $84.27 billion as of May 6, ranks as the fifth-largest cryptocurrency. Priced at around $598, BNB powers the BNB Chain, a leading smart contract platform with around $5.85 billion in total value locked (TVL) across decentralized finance (DeFi) protocols, according to DeFiLlama. The chain’s low fees and high transaction throughput have supported its adoption in DeFi applications.

VanEck’ application comes amid a crypto-friendly policy shift under the Trump administration, with the appointment of Paul Atkins as SEC Chair boosting hopes for altcoin ETF approvals. Bloomberg ETF analyst Eric Balchunas noted that, as of April, over 70 altcoin ETF applications are pending SEC review. Although the SEC has not yet approved any altcoin-based ETFs, citing concerns over market manipulation and the classification of altcoins as securities, analysts remain optimistic about approvals in 2025. In March, Bloomberg ETF analysts stated that the SEC’s review of various altcoin ETFs is “expected” and emphasized that these reviews “don’t change our (relatively high) odds of approval.”