American funding supervisor VanEck has filed to ascertain a belief entity for a proposed BNB exchange-traded fund in Delaware. The institution of a belief serves as a preparatory measure within the ETF launch course of, previous the formal utility to the SEC.
VanEck’s submitting marks the primary try to launch a Binance Coin (BNB) ETF particularly within the US market. Whereas BNB-related merchandise just like the 21Shares Binance BNB ETP exist, they aren’t US-based ETFs.
The agency, managing almost $115 billion in consumer property globally, registered the brand new product on March 31, referred to as VanEck BNB ETF, beneath submitting quantity 10148820 as a belief company service firm, in response to public information on the official Delaware state web site.
The submitting means BNB joins Bitcoin, Ether, Solana, and Avalanche because the fifth cryptocurrency to have a standalone ETF registration initiated by VanEck in Delaware. VanEck’s spot Bitcoin and Ether ETFs already debuted final yr after securing approval from the SEC.
The potential BNB ETF would observe the worth of BNB, at present ranked because the fifth-largest crypto asset by market capitalization. The crypto asset was buying and selling at round $608 at press time, with little value motion within the final 24 hours, per CoinGecko.
VanEck filed for a Solana ETF in June 2024. This was the primary Solana ETF submitting within the US. After this preliminary submitting, VanEck and different asset managers, together with 21Shares, submitted further essential filings, together with the 19b-4 kind, to proceed with the approval course of.
Final month, VanEck utilized for SEC approval to launch the primary AVAX ETF, following its successes with spot Bitcoin and Ethereum ETF choices.
The corporate has established itself as a significant participant within the crypto ETF market, having been the primary ETF supplier to file for a futures Bitcoin ETF in 2017.
