VanEck Files an Application to Launch a Binance Coin ETF in the US

If approved, it would become the first BNB ETF in the US market. In the last 30 days, the BNB market has registered a growth of 1.1%.

US-based investment management firm VanEck has filed an application to launch a Binance Coin ETF in the US State of Delaware, according to a report by Arcane Research. If approved, this would become the first BNB ETF in the US market.

The firm, which is already managing several crypto ETFs, applied to register a trust to issue an ETF that tracks the price of Binance Coin. The application was filed on March 30, and it was accepted on April 1.

The latest application is the fifth one that VanEck has submitted in connection with the ETF market. Earlier, it submitted applications for Bitcoin, Ethereum, Solana and Avalanche.

The company’s Bitcoin ETF, which is known as VanEck Bitcoin ETF (symbol: HODL), has a market capitalisation of $1.18B. It is the seventh-largest BTC Spot ETF by market cap.

The company’s Ethereum ETF, known as VanEck Ethereum ETF (symbol: ETHV), has a market capitalisation of $88.17M. It is the sixth-largest Ethereum ETF by market cap.

If approved by the SEC, this will be the first BNB ETF in the US market.

Even though 21Shares already has a similar investment product, it cannot claim the first BNB investment product status as it is not registered in the US.

This application comes amid a broader push by institutional investors to gain exposure to cryptocurrencies through ETFs. Earlier this year, several firms, including Invesco and ARK Invest, filed applications to launch Bitcoin ETFs.

The applications are still pending approval from the SEC, which has been slow to approve new crypto ETFs. However, the regulator is facing increasing pressure from Congress and institutional investors to speed up the approval process.

The 24-hour volume of BNB now stands at $1,725,542,807. In the last 30 days, the BNB market has grown by around 1.1%. At one point on April 1, the market touched a peak of $90,373,731,923.

The BNB price now stands at $602.16. In the last seven days, it has seen a decline of 4.7%. In the last 24 hours alone, it has dropped by 2.5%.

After VanEck’s filing was announced, the trading volume of BNB grew by at least 42%.

The filing of the BNB ETF application by VanEck is just a preliminary step. The approval of the SEC is far from guaranteed, considering Binance, the issuer of BNB, has a history of regulatory challenges and had its Pay Inc installment lending service shut down in March 2023 after the US threatened legal action over Binance's handling of customer funds.

The crypto exchange, valued at $90 billion, is also being probed by the US Securities and Exchange Commission (SEC) for possible violations of investment offerings, according to a report by Bloomberg.

The application by VanEck comes amid a broader push by institutional investors to gain exposure to cryptocurrencies through ETFs. Earlier this year, several firms, including Invesco and ARK Invest, filed applications to launch Bitcoin ETFs.

The applications are still pending approval from the SEC, which has been slow to approve new crypto ETFs. However, the regulator is facing increasing pressure from Congress and institutional investors to speed up the approval process.

The total market cap of the Bitcoin Spot ETF market remains at $95.70B. The market cap of the BTC Futures ETF market is $2.12B. This means that the total market cap of the entire Bitcoin ETF market is $98.08B.

Likewise, the total market cap of the Ethereum ETF market stands at $6.81B.

According to reports, Grayscale alone manages nearly $17 billion in Bitcoin ETFs.