VanEck, a prominent American investment management firm, has initiated the establishment of a trust entity in Delaware for a proposed Binance Coin (BNB) exchange-traded fund (ETF). This action signifies a preliminary step in the ETF launch procedure, preceding the formal submission of an application to the Securities and Exchange Commission (SEC).
This filing by VanEck marks the inaugural attempt to introduce a Binance Coin (BNB) ETF specifically within the United States market. Although analogous BNB-related products, such as the 21Shares Binance BNB ETP, exist, they are not structured as US-based ETFs.
VanEck Files For BNB ETF
The company, which handles around $115 billion in client money worldwide, registered a new product on March 31st. It’s called the VanEck BNB ETF and has the filing number 10148820. Public records on the Delaware state website show the registered business is a trust company.
Furthermore, with this filing, BNB is now among Bitcoin, Ether, Solana, and Avalanche as the fifth cryptocurrency for which VanEck has started a separate ETF registration in Delaware. The planned BNB ETF will follow the price of BNB, which is currently the fifth-largest cryptocurrency by market size. According to CoinGecko, the crypto asset was trading at about $608 as of this writing, with little price change in the last day.
Notably, VanEck filed for a Solana ETF in June 2024, the first filing in the United States. After this, VanEck and other companies, like 21Shares, submitted other needed filings, like the 19b-4 form, to proceed with the approval process.
The month before, VanEck asked the SEC for permission to launch the first AVAX ETF, following their previous success with Bitcoin and Ethereum ETFs. The company is now a major player in the crypto ETF market, having been the first ETF provider to file for a Bitcoin futures ETF in 2017.
VanEck EU Enables Solana ETP Staking
In October 2024, VanEck’s Head of Digital Assets Research Matthew Sigel announced that the European subsidiary of VanEck now facilitates staking for its Solana exchange-traded note (ETN), $VSOL. This functionality allows users to contribute to the network’s security while earning a passive income on their staked holdings.
Nonetheless, $VSOL’s total assets under management (AUM) currently amount to $73.8 million, with its share price at $8.93 and Net Asset Value (NAV) at $8.21.
