KEY FACTS: VanEck, a leading U.S. asset manager with $116 billion in assets, has filed for the first-ever Binance Coin (BNB) ETF in the U.S., submitted to the SEC on May 2, 2025, aiming to provide investors with regulated exposure to BNB, the fifth-largest cryptocurrency by market cap at $86 billion. The proposed ETF, which may include staking features for passive income, follows VanEck’s successful Bitcoin and Ethereum ETFs and reflects growing institutional interest in altcoins, despite regulatory uncertainties surrounding BNB’s ties to Binance. The filing has boosted BNB’s trading volume by 42%.
Source: SEC.GOV/
VanEck Pioneers First Binance Coin (BNB) ETF Filing in the U.S.
VanEck, a prominent U.S.-based asset management firm with over $116 billion in assets under management, has officially filed for the first-ever Binance Coin (BNB) exchange-traded fund (ETF) in the United States. The filing, submitted to the U.S. Securities and Exchange Commission (SEC) on May 2, 2025, under Form S-1, marks a significant milestone in bridging traditional finance with the rapidly evolving world of digital assets. If approved, the VanEck BNB ETF would become the first U.S.-registered ETF to offer investors direct exposure to BNB, the native cryptocurrency of the BNB Chain, without requiring them to navigate the complexities of crypto wallets or trading platforms.
VanEck’s filing for the BNB ETF adds to the wave of institutional interest in altcoin-based financial products, following the success of Bitcoin and Ethereum ETFs in the U.S. market. The firm, known for its pioneering efforts in the crypto investment space, has already established a strong presence with its VanEck Bitcoin ETF (HODL), launched in January 2024, and its Ethereum Strategy ETF (EFUT), which provides exposure to Ethereum futures. The Bitcoin ETF alone has amassed $1.42 billion in total net assets, with a net asset value (NAV) of $27.45 as of May 2, 2025, and a year-to-date return of 3.54%, demonstrating robust investor demand despite market volatility.
The proposed VanEck BNB ETF aims to track the price performance of BNB, the fifth-largest cryptocurrency by market capitalization, currently trading at approximately $593.50, up 0.75% in the last 24 hours as of press time. Unlike direct cryptocurrency ownership, the ETF would allow investors to gain exposure to BNB’s price movements through a regulated, exchange-traded product, making it accessible to retail and institutional investors. The preliminary prospectus also hints at an innovative feature: pending regulatory approval, the ETF may offer staking capabilities, enabling investors to earn passive income through BNB rewards via vetted staking providers, potentially including VanEck affiliates. VanEck spokesperson said:
“This filing underscores VanEck’s commitment to expanding access to digital assets within a regulated framework...BNB’s role as the backbone of the BNB Chain, coupled with its growing adoption in decentralized finance (DeFi) and other blockchain applications, makes it a compelling addition to our crypto ETF lineup.”
Binance Coin (BNB), originally launched by the Binance exchange in 2017, has evolved from a utility token for discounted trading fees into a cornerstone of the BNB Chain, a high-performance blockchain supporting decentralized applications (dApps), smart contracts, and DeFi protocols. With a market capitalization of approximately $86 billion, BNB ranks among the top cryptocurrencies, trailing only Bitcoin, Ethereum, and a few others. Its versatility, low transaction costs, and widespread use in the Binance ecosystem have fueled its adoption, making it an attractive target for institutional investment products.
VanEck’s decision to pursue a BNB ETF shows the growing mainstream acceptance of altcoins beyond Bitcoin and Ethereum. The firm’s filing follows its recent application for an Avalanche (AVAX) ETF, signaling a strategic push to diversify its crypto offerings. Analysts suggest that the timing aligns with increased activity on the BNB Chain, which has reportedly surpassed Ethereum and Solana in decentralized exchange (DEX) trading volume, highlighting its prominence in the DeFi sector.
However, the filing has not yet triggered significant price movement for BNB, with market observers noting that traders may be cautious about betting on SEC approval given the regulatory uncertainties surrounding Binance and its native token. Binance has faced scrutiny in the U.S. over compliance issues, though the BNB Chain operates independently of the exchange, which may mitigate some concerns.
VanEck’s BNB ETF filing is part of the crypto ETF applications, as asset managers test the waters under a potentially more crypto-friendly SEC. In recent months, firms like 21Shares, Grayscale, and Bitwise have filed for ETFs tied to altcoins such as XRP, Solana, Sui, and Dogecoin. For instance, 21Shares filed for a spot Sui ETF in the U.S. after launching similar products in Europe, while Teucrium debuted a 2x leveraged XRP ETF on the NYSE Arca in April 2025. VanEck itself has applications pending for Solana and Avalanche ETFs, positioning it as a leader in the race to bring altcoin-based products to market.
The potential approval of a BNB ETF could have far-reaching implications for BNB’s price and the broader crypto market. Analysts suggest that a successful launch could drive BNB’s trading volume, which has already jumped 42% following the filing, and attract new investors to the BNB Chain ecosystem. Additionally, including staking features could set a precedent for future crypto ETFs, offering investors both capital appreciation and yield opportunities.
VanEck’s filing, initially registered as a trust entity in Delaware on March 31, 2025, under file number 10148820, represents a preparatory step before formal SEC review. The firm’s experience navigating the regulatory landscape for its Bitcoin and Ethereum ETFs may give it an edge, but approval is far from guaranteed. Some analysts speculate that the SEC may delay decisions on altcoin ETFs until broader crypto regulations are clarified.
Market reactions to the filing have been mixed. While BNB’s trading volume has surged, its price has remained relatively stable, suggesting that investors are awaiting further developments.
VanEck’s pursuit of a BNB ETF is consistent with its vision of integrating digital assets into traditional finance. With successful Bitcoin and Ethereum ETFs already under its belt, VanEck is positioning itself as a trailblazer in the crypto ETF market, with BNB as its latest frontier.
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