VanEck has taken a significant step toward launching the first Binance Coin (BNB) exchange-traded fund (ETF) in the United States. On March 31, 2025, the investment management firm registered a trust entity named the “VanEck BNB ETF” in Delaware under filing number 10148820, according to public records on the official Delaware state website. This registration marks the initial move in the process of creating a BNB ETF, with the next step being a formal application to the U.S. Securities and Exchange Commission (SEC) for approval. If approved, it would be the first U.S.-based ETF to track the price of BNB, the native cryptocurrency of the BNB Chain, which is currently the fifth-largest cryptocurrency by market capitalization.
VanEck, managing nearly $115 billion in assets globally, has previously launched spot Bitcoin and Ethereum ETFs and has also filed for ETFs tied to Solana and Avalanche, positioning BNB as its fifth crypto ETF endeavor in Delaware. While BNB-related products like the 21Shares Binance BNB ETP exist internationally, no such ETF has been available in the U.S. market until this filing. The registration of the first Binance Coin (BNB) ETF by VanEck in the United States carries several potential implications for the cryptocurrency market, institutional adoption, and BNB’s role in the financial ecosystem.
A U.S.-based ETF would signal a significant step toward mainstream acceptance of BNB, the native token of the BNB Chain. As the fifth-largest cryptocurrency by market capitalization, BNB gaining regulated exposure through an ETF could enhance its credibility, distancing it from purely speculative perceptions and aligning it more closely with established assets like Bitcoin and Ethereum, which already have spot ETFs. ETFs are a familiar vehicle for institutional investors, offering a regulated and straightforward way to gain exposure to an asset without directly holding it. VanEck’s move could open the floodgates for “smart money” to flow into BNB, potentially increasing demand and liquidity.
This aligns with the growing trend of institutional interest in crypto, as seen with the $44 billion in assets drawn to crypto-based ETFs in 2024 alone. If approved by the SEC, the ETF could drive a surge in BNB’s trading volume and price stability — or even growth — similar to the effects observed with Bitcoin ETFs in 2024. Early reports indicate BNB’s trading volume spiked by 40-42% following the announcement, suggesting immediate market excitement. Long-term, approval might push BNB toward new highs by improving liquidity and attracting both retail and institutional capital.
VanEck’s filing adds BNB to a growing list of altcoin ETFs, following its efforts with Bitcoin, Ethereum, Solana, and Avalanche. Success here could pave the way for other altcoins to enter the ETF space, diversifying investment options beyond the dominant BTC and ETH offerings. This reflects a broader shift toward integrating digital assets into traditional finance, potentially reshaping portfolio strategies. The SEC’s decision will be pivotal. Binance, closely tied to BNB, has faced regulatory scrutiny in the U.S. over compliance and operational issues. Approval would suggest a softening stance toward BNB and Binance-related assets, possibly indicating a clearer regulatory path for other altcoins.
Conversely, rejection could slow altcoin ETF momentum, especially for tokens with controversial histories. A BNB ETF could bolster the BNB Chain’s decentralized finance (DeFi) and dApp ecosystem by increasing visibility and capital inflows. With popular platforms like PancakeSwap already thriving, regulated exposure might accelerate user growth and development activity, mirroring Ethereum’s post-ETF ecosystem boost. VanEck’s move intensifies competition among asset managers like Grayscale, which has its own multi-asset ETF plans. If approved, VanEck could solidify its position as a leader in crypto ETFs, pressuring rivals to innovate further.