VanEck Kicks Off U.S. Spot BNB ETF Race with First Filing
VanEck has filed for a spot BNB ETF—the first of its kind in the U.S.—with plans to stake part of the fund’s crypto holdings.
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VanEck has filed a Form S-1 with the U.S. Securities and Exchange Commission, aiming to launch the first spot BNB ETF in the United States.
BNB, the native cryptocurrency of the Binance ecosystem and BNB Smart Chain, is currently valued at $597 per coin. Its market capitalization has exceeded $84 billion, making it one of the largest altcoins by market cap.
What’s in VanEck’s S-1: Trust-Based Spot BNB ETF With Staking Built In
VanEck’s S-1 submission outlines a straightforward structure: the fund will accumulate spot BNB on behalf of shareholders, who will not directly hold the tokens. These assets will be acquired at open-market rates and safeguarded within a formal trust arrangement.
Notably, the document introduces a staking clause. A share of the trust’s BNB may be delegated to reputable staking protocols to capture yield—a nod to evolving digital asset management strategies. At present, BNB staking offers an average return of 2.5% annually, per StakingRewards.
Check this out: VanEck’s Vision for Crypto in 2025 — 10 Predictions
Europe tested the waters early—21Shares dropped a BNB ETP in 2019, and it’s now live on multiple exchanges across the continent. That track record offers a lens into how regulators and traders have responded to spot BNB exposure.
Growing Altcoin ETF Market and Analyst Insights
VanEck’s BNB ETF proposal joins a growing list of more than 70 altcoin-focused filings awaiting a decision from the SEC. The mix ranges from foundational Layer 1 protocols like Solana and Avalanche to more speculative bets on memecoins such as Dogecoin.
Related: VanEck Advances Crypto ETF Offerings with AVAX Filing
Just days after Binance’s co-founder Changpeng Zhao and VanEck’s CEO Jan Van Eck appeared together at TOKEN2049 in Dubai, VanEck formally filed its BNB ETF application—an event not lost on Bloomberg’s senior ETF analyst, Eric Balchunas.
Interesting timing with TOKEN2049 just a few days ago where CZ spoke and Jan Van Eck attended, not sure if connected but CZ was really impressive i gotta say,
Balchunas wrote on X.
Balchunas also picked up on something CZ said during his panel appearance—words that may have hinted at what's coming next in the altcoin ETF arena:
This cycle so far has been the ETFs. And it’s almost all Bitcoin. Ether hasn’t had as much success but Bitcoin success will spillover to the others eventually. It takes time tho. I think we are still early,
said CZ.
Read on: CZ Joins Pakistan’s Crypto Council to Push Web3 Forward
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