VanEck Files for First U.S. Binance Coin (BNB) ETF

VanEck, one of the leading asset management companies, has taken a new step toward expanding its cryptocurrency-based financial products by filing for the launch of a Binance Coin (BNB) ETF in Delaware. This marks the first attempt to introduce a BNB-based ETF to the U.S. market.

Crypto ETFs are financial instruments that allow investors to trade digital assets on traditional exchanges without directly holding cryptocurrencies. So far, VanEck has secured approval for spot ETFs based on Bitcoin and Ethereum and is now exploring new assets such as Solana, Avalanche, and Binance Coin.

The establishment of a trust in Delaware is a necessary preparatory step for an ETF before VanEck formally submits its application to the SEC. If approved, the new ETF will track the price of BNB, one of the largest cryptocurrencies by market capitalization.

Interest in crypto ETFs has grown significantly following the approval of Bitcoin spot products, which could increase the chances for other cryptocurrencies, including BNB, to have similar products in the U.S. market.