Binance Coin (BNB) Price Surges Towards $600 as VanEck Files Spot BNB Exchange-Traded Fund (ETF)

Binance Coin (BNB) has defied the subdued broader market sentiment with its latest price performance.

"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.

This latest price recovery in the Binance-backed coin follows VanEck’s filing of a spot BNB Exchange-Traded Fund (ETF).

VanEck ETF Files First US BNB ETF

Taking to the X platform, former Binance CEO Changpeng ‘CZ’ Zhao brought the market’s attention to VanEck’s BNB ETF filing.

"Good morning. Another crypto ETF has been filed for U.S. approval. This time it’s for Binance Coin (BNB) by VanEck,′′ Zhao said.

Indeed, asset management firm VanEck has filed an S-1 document with the Securities and Exchange Commission (SEC) for the purpose of launching a spot BNB ETF.

The firm is applying to the US SEC for the approval of an ETF that will provide investors with exposure to Binance Coin.

If approved, the ETF could generate passive income from staking through vetted providers, which could include affiliates of VanEck.

The asset manager has yet to announce the fund’s ticker symbol. But the preliminary prospectus says that regulatory approval from the listing exchange is still pending.

This filing comes just a month after VanEck registered a trust entity in Delaware for the prospective BNB ETF.

The asset manager aims to provide investors with direct exposure to BNB, the native token of the BNB Chain.

Additionally, VanEck is looking to strengthen its position in the digital asset space.

The firm already lists spot Bitcoin (BTC) and Ethereum (ETH) ETFs on its platform. Meanwhile, the firm has pending approvals with the SEC for spot Solana (SOL) and Avalanche (AVAX) ETFs.

BNB Price Outlook

VanEck has steadily built a reputation as a pioneer in the digital asset ETF space, and its interest in BNB is no surprise.

The crypto is quickly becoming a top performer among the top cryptocurrencies. With its alluring attributes, 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 keep a decent premium from its 2024 lows.

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

Investors’ sentiments for the coin remain high, as evidenced 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 suggest BNB could surge past the $1,000 milestone.

Crypto ETFs Growing List and Approval Odds

The U.S. SEC is expected to approve several altcoin ETFs this year.

ETF applications are already in place for cryptocurrencies such as Solana, XRP, Dogecoin (DOGE), and Cardano (ADA).

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

Recent data from the decentralized prediction platform Polymarket shows a 74% probability that the U.S. Solana ETF will gain approval by the end of 2025.

Additionally, Polymarket has increased the approval odds of a spot XRP ETF this year to 78%.

This growing confidence reflects increasing optimism among investors and analysts that the SEC will approve an XRP ETF by year-end.

The positive momentum is driven by a more favorable regulatory outlook in the U.S. under President Donald Trump’s new administration.

The closure of the Ripple vs SEC case has further aided in restoring investors’ confidence in XRP."