BNB Coin Spikes After Asset Management Giant VanEck Files Spot ETF Application With the SEC

BNB/USD edged higher Monday after asset management giant VanEck filed an exchange-traded fund application with the SEC.

BNB coin (BNB/USD) edged higher on Monday after asset management giant VanEck filed an exchange-traded fund application with the SEC.

What Happened: BNB spiked over 2% in the last 24 hours, making it the most successful cryptocurrency among the top ten by market capitalization. The coin’s trading volume rose 10.67% to $1.46 billion.

The rise came despite a decline in Open Interest by 4.40% in the last 24 hours, according to data from Coinglass. A drop in Open Interest, combined with a price increase, may indicate that shorts were covering their positions.

Moreover, over 63% of Binance traders with open BNB positions had placed bullish bets on the cryptocurrency, suggesting hopes of short-term appreciation.

The momentum follows VanEck's application for a spot BNB ETF, which, if approved, would be the first ETF in the U.S. to provide exposure to the price movements of BNB Chain's native token. The S-1 filing is a requirement for issuers to apply to offer new securities.

The issuer also applied for the fund's BNB to be set aside for earning staking rewards, potentially yielding additional BNB or other income.

Notably, VanEck is a leading global asset manager, with assets under management of $116 billion as of March 31.

Also Read: Trump Denies Personal Profit From Memecoin Venture: ‘I Haven’t Even Looked’

Later Monday, a report from Bloomberg stated that the SEC is planning to propose new rules for private equity and hedge funds to report their climate impact in a bid to increase transparency in the industry.

The report comes amid growing pressure on financial institutions to factor in environmental, social, and governance (ESG) criteria in their investment decision-making.

The SEC is also working on a proposal to require publicly traded companies to report their climate risks and impacts, which could be announced as early as this week.

The proposals are part of the SEC's broader efforts to modernize financial regulations and keep pace with the evolving needs of investors and the economy.

The agency is expected to solicit public comment on the proposals before finalizing any new rules.

BNB Price Action: At the time of writing, Monday morning saw BNB trading at $597.33, showing a 2.20% increase in the last 24 hours, according to Benzinga Pro. Throughout the year to date (YTD), the coin had experienced a decrease of 14.80%.

See Also: Is It Time To Buy BNB After A 14% Price Drop In 3 Months?