In a bold move, asset management firm VanEck has filed an application with the U.S. Securities and Exchange Commission (SEC) to launch a Binance Coin $BNB exchange-traded fund (ETF)—the first of its kind aimed at bringing BNB to the U.S. ETF market.
The proposal, submitted under Form S-1, outlines the creation of the “VanEck BNB ETF,” a fund designed to track the performance of BNB. While details such as the exchange on which the ETF would be listed and the potential ticker symbol remain undisclosed, the filing itself marks a significant step in pushing BNB toward broader institutional exposure.
What sets this filing apart is its context. The SEC has previously labeled BNB as a potential security, and Binance, the token’s issuing platform, is still grappling with ongoing legal challenges in the United States. These regulatory headwinds have deterred other firms from pursuing similar products—until now. VanEck's decision to move forward suggests growing confidence, or at least a calculated risk, in the face of regulatory ambiguity.
Despite the news, BNB’s price remained largely unaffected, showing neither a rally nor a drop. Market participants appear cautious, with many likely adopting a wait-and-see approach given the SEC's history of delayed or denied crypto ETF applications.
If approved, the VanEck BNB ETF would represent a landmark moment for the Binance ecosystem and broader crypto ETF landscape in the U.S., potentially paving the way for more altcoin-focused funds in the future.