Asset manager VanEck has approached U.S. regulators for approval to list an exchange-traded fund (ETF) featuring BNB, the native token of Binance’s BNB Chain, as regulatory filings reveal.
The asset manager has attempted the listing of an ETF containing the native token of Binance’s BNB Chain for the first time.
The ETF plans to accumulate spot BNB tokens, which “may occasionally have a portion of its assets staked through one or more reliable staking providers,” as the S-1 prospectus outlines. This filing represents the first instance of an asset manager proposing a BNB ETF in the United States.
The BNB token has a market capitalization of around $84 billion, based on data provided by CoinMarketCap. As of May 5, BNB stakers have earned a yield of nearly 2.5%, according to figures from Stakingrewards.com.
DefiLlama reports that Binance’s BNB Chain has established itself as one of the leading smart contract networks, with a total value locked (TVL) estimated at nearly $6 billion.
Is Bitcoin’s ‘Spillover’ Effect Taking Hold?
The firm submitted the filing just days after Binance co-founder Changpeng “CZ” Zhao reportedly stated that the rising interest in Bitcoin ETFs will eventually extend to altcoins as well.
According to data provided by Farside Investors, spot Bitcoin ETFs have drawn net inflows exceeding $40 billion since their launch in January 2024.
VanEck’s recent filing made the latest addition to a wave of applications aiming to list ETFs backed by altcoins.
Dozens of cryptocurrency ETF proposals have been acknowledged by the U.S. Securities and Exchange Commission (SEC) since U.S. President Donald Trump assumed office on January 20.
These include proposals for ETFs backed by native layer-1 tokens like Solana (SOL), along with memecoins such as Dogecoin.
Over the past few months, VanEck has submitted filings to list additional cryptocurrency ETFs, including those containing Solana and Avalanche.
