On April 2, 2025, VanEck – a Wall Street giant managing $115 billion in assets – filed for the first Binance Coin (BNB) ETF in the U.S., marking a new milestone in the crypto ETF race. With BNB being the fifth largest cryptocurrency in the world and ambitions to expand in Vietnam, will VanEck continue to lead the trend, or is this just a high-risk gamble?


VanEck Files First BNB ETF in the U.S.

VanEck filed an application to establish a trust fund for #ETFBNB in the state of Delaware on March 31, 2025, with application number 10148820, according to public records. This is the first step before the company officially seeks approval from the U.S. Securities and Exchange Commission (SEC). If successful, this will be the first BNB ETF in the U.S., making BNB the fifth cryptocurrency to have an independent ETF initiated by VanEck, after Bitcoin, Ethereum, Solana, and Avalanche.


BNB, the fifth largest cryptocurrency in the world with a market capitalization of $88.5 billion (according to CoinGecko), is currently trading at $604, showing little movement in the past 24 hours. VanEck's BNB ETF will track the price movements of BNB, allowing investors to access this currency without needing to own it directly. Changpeng Zhao, former CEO of Binance – the exchange behind BNB – confirmed this information on X, calling it a 'milestone' for the Binance ecosystem.


Although there have been financial products related to $BNB , such as the 21Shares Binance BNB ETP (listed in Europe), this is the first time a dedicated BNB ETF has been proposed in the U.S. – the largest financial market in the world. This move not only strengthens BNB's position but also expands opportunities for institutional investors in the U.S. to participate in the Binance ecosystem.


VanEck: A Pioneer in the Crypto ETF Race

VanEck has long been a 'trailblazer' in the crypto ETF space. In 2017, the company pioneered with Bitcoin futures ETFs, laying the groundwork for the subsequent wave of crypto ETFs. By June 2024, VanEck submitted its application for the first Solana (SOL) ETF in the U.S., paving the way for other organizations like 21Shares and Bitwise. In March 2025, VanEck continued to initiate the Avalanche (AVAX) ETF, reinforcing its leading position in bringing altcoins into the traditional financial market.


To date, #VanEck has initiated ETFs for 5 cryptocurrencies: Bitcoin, Ethereum, Solana, Avalanche, and BNB. VanEck's ETFs, such as the Bitcoin spot ETF (HODL), currently manage $2.9 billion in assets (according to Bloomberg), although still far behind BlackRock's IBIT ($50.2 billion). The success of Bitcoin and Ethereum ETFs (approved in January 2024 and May 2024 respectively) has paved the way for VanEck to expand into altcoins like BNB, leveraging the growth momentum of the crypto market (despite a 11.65% decline in Q1 2025, down to $2.88 trillion).


Ambition in Vietnam and Global Vision

VanEck is not only focused on the U.S. but also targeting emerging markets like Vietnam. On March 17, 2025, the company worked with the State Securities Commission (SSC) to discuss digital assets, with the intention of establishing a Bitcoin fund or investment organization in Vietnam. This move comes as Vietnam becomes increasingly open to crypto – ranking third globally in cryptocurrency adoption index (Chainalysis 2024), with 21.2 million cryptocurrency owners (Triple-A).


VanEck's targeting of Vietnam shows the company's global vision, leveraging the increasing demand in emerging markets. If successful, the Bitcoin fund in Vietnam could attract significant capital inflows, boosting adoption and strengthening VanEck's position in the digital asset industry.


Impact on the Crypto Market

  • BNB (~$604): The BNB ETF could increase legitimacy and attract institutional capital, but the price has been relatively stable (down 5% in Q1 2025, according to CoinMarketCap).


  • Crypto market: Altcoin ETFs ($SOL , $AVAX , BNB) expand investment opportunities, but a pessimistic sentiment (Bitcoin down 12%, Ethereum down 45%) could affect approvals.


  • Investors: The BNB ETF allows U.S. investors to access the Binance ecosystem (Launchpad, staking), but regulatory risks from the SEC remain high (the SEC previously sued Binance in 2023).



Conclusion: VanEck – Pioneer or Risky?

VanEck continues to assert its pioneering role with the first BNB ETF in the U.S., following the success of Bitcoin, Ethereum, Solana, and Avalanche ETFs. This move not only elevates BNB but also expands opportunities for institutional investors. The ambition in Vietnam demonstrates VanEck's global vision, but with the volatile crypto market (down 11.65% in Q1 2025) and pressure from the SEC, the BNB ETF could be a big gamble. Will VanEck continue to lead the crypto ETF race, or will it face regulatory hurdles? As the SEC reviews, the answer will soon be clear. #anhbacong