In a significant development for the cryptocurrency market, asset management firm VanEck has filed to launch the first U.S.-listed exchange-traded fund (ETF) that holds BNB, the native token of Binance’s BNB Chain. On March 31, 2025, VanEck registered a trust entity in Delaware under filing number 10148820, a preparatory step before submitting a formal application to the U.S. Securities and Exchange Commission (SEC).
If approved, the VanEck BNB ETF would become the first U.S.-based ETF to track the price of Binance Coin, the fifth-largest cryptocurrency by market capitalization. While BNB-related products, such as the 21Shares Binance BNB ETP, are available in international markets, no similar ETF exists in the U.S.
VanEck has been at the forefront of cryptocurrency ETF offerings, having previously introduced spot Bitcoin and Ether ETFs in January and July 2024, respectively, after obtaining SEC approval. The firm has also registered standalone ETFs for Solana and Avalanche in Delaware, indicating a broader strategy to provide institutional investors with access to a range of digital assets.
The filing for a BNB ETF comes amid a surge in altcoin ETF applications, with over 70 active filings currently under review by the SEC. This trend reflects growing institutional interest in diversifying crypto exposure beyond Bitcoin and Ethereum.
Despite the bullish sentiment surrounding the filing, BNB’s market performance remained relatively stable, trading at approximately $598.76 at the time of writing.
The approval of a BNB ETF would mark a significant milestone for Binance and the broader cryptocurrency market, potentially paving the way for increased institutional adoption of altcoins in the U.S.
