Binance Coin (BNB) Has Defied the Subdued Broader Market Sentiment With Its Latest Price Performance.

Now trading as the fifth-biggest cryptocurrency, BNB price is surging towards the $600 psychological level.

Former Binance CEO Changpeng ‘CZ’ Zhao highlighted on X, formerly Twitter, that asset management firm VanEck has filed for a spot Binance Coin (BNB) exchange-traded fund (ETF).

According to a report by CCXV, VanEck is planning to launch a spot BNB ETF and has filed an S-1 document with the Securities and Exchange Commission (SEC).

The primary goal is to launch a spot BNB ETF and provide investors with exposure to the Binance-backed coin.

The firm, which is seeking approval from the U.S. SEC to launch the product, will generate passive income from staking through vetted providers, including potentially affiliates of VanEck.

The fund's ticker symbol has yet to be disclosed by the firm, and regulatory approval from the listing exchange is still pending, as stated in the preliminary prospectus.

This latest development follows the registration of a trust entity in Delaware last month by VanEck for the prospective BNB ETF.

The asset manager is aiming to provide investors with direct exposure to BNB, the native token of the BNB Chain, and strengthen its position in the digital asset space.

The firm has already listed spot Bitcoin (BTC) and Ethereum (ETH) ETFs on its platform, and it is currently awaiting approval from the SEC for spot Solana (SOL) and Avalanche (AVAX) ETFs.

Investors' Sentiment For BNB Remains High As Trading Volume Soars

The latest move by VanEck comes amid a surge in interest in cryptocurrencies, particularly altcoins.

The price of BNB is incrementally becoming a top performer among the top cryptocurrencies. It closely rivals Ethereum, the top altcoin and smart contract chain in the market.

While the price of ETH continues to drop, BNB has managed to hold on to a decent premium from its 2024 lows.

At the time of writing, the BNB price was $594.14, up 0.8% from the previous day. Notably, BNB rose to as high as $596 in today’s morning trading session before falling to current levels.

Investors’ sentiments for the coin remain high, as indicated by the increasing trading volume.

This metric has increased by over 14% to $1.43 billion in the last 24 hours.

Recent trading activity combined with technical chart formations suggests BNB could surge past the $1,000 milestone.

Crypto ETFs: Growing List And Chances Of Approval

The move by VanEck comes amid a broader push by asset managers to launch crypto ETFs in the U.S.

Several firms have already filed for Bitcoin ETFs, and the SEC is currently reviewing these applications closely.

The chances of these ETFs being approved this year are high, and several altcoins could follow close behind.

Among these altcoins, Solana, XRP, Dogecoin (DOGE), and Cardano (ADA) are among the cryptocurrencies that could see ETFs approved by the end of the year.

Fidelity Investments, Franklin Templeton, Grayscale Investments, and VanEck are among the firms that are planning to launch such offerings.

According to recent data from the decentralized prediction platform Polymarket, there is a 74% probability that the U.S. Solana ETF will be approved by the end of 2025.

Additionally, Polymarket has increased the chances of a spot XRP ETF being approved this year to 78%.

This growing confidence comes as investors and analysts believe that the SEC will approve an XRP ETF before the year ends.

The positive momentum is fueled by a more favorable regulatory outlook in the U.S.

This is especially true under President Donald Trump’s new administration and following the closure of the Ripple vs. SEC case, which has helped to restore investors' confidence in XRP.