The token of the BNB Chain network (BNB) officially enters the race to become the next spot crypto ETF in the United States. This week, the financial firm VanEck submitted an application to the Securities and Exchange Commission (SEC) to launch a product linked to this asset. This is the first official application for a fund related to the native cryptocurrency of the Binance blockchain.
In an S-1 form, the company asked regulators to evaluate the proposal, which seeks to offer direct exposure to the spot price of the token. Just like with BTC and ETH products, investors would contribute dollars, and the firm would hold the BNB in custody. The value of the ETF would be based on the average price of the token on the five largest cryptocurrency exchanges.
MarketVector Indexes will be the provider responsible for calculating that price average. It is worth mentioning that VanEck also plans to include staking options for the ETF participants, although that would require additional regulatory approval. This functionality would allow users to generate returns in BNB through external staking providers.
If approved, the BNB spot ETF would trade on a yet unspecified market within the stock exchange. Additionally, the official symbol under which this fund would trade has not yet been defined.