VanEck Files to Launch the First US Exchange-Traded Fund (ETF) Tracking Binance Coin's (BNB) Performance

The proposed ETF aims to hold spot BNB tokens and may periodically stake a portion of its assets through reputable staking providers

Asset management giant VanEck has filed with the United States Securities and Exchange Commission to launch the first US exchange-traded fund (ETF) tracking Binance Coin’s (BNB) performance.

The proposed ETF aims to hold spot BNB tokens and may periodically stake a portion of its assets through reputable staking providers, according to details outlined in its S-1 prospectus.

This filing marks the first time an asset manager has filed for a BNB ETF in the United States.

The chain is compatible with smart contracts and powers various dApps.

If approved, the VanEck fund would enable traditional investors to gain exposure to BNB without needing to purchase or store the cryptocurrency directly—similar to the structure of existing spot Bitcoin and Ethereum ETFs.

At present, BNB is the fifth largest cryptocurrency — boasting a market cap of around $84 billion. It’s currently trading at approximately $597 as of May 6, 2025.

VanEck’s application stands out due to the inclusion of a staking feature, giving the fund the potential to participate in BNB staking, subject to regulatory approval.

Staking involves locking up digital assets to help secure and operate a blockchain network, with participants typically earning rewards in the form of additional tokens.

VanEck intends to distribute the contributors’ rewards to the ETF investors. According to the filing, the fund would generate “other income” in addition to the staking rewards.

This presents a bit of a gamble, especially considering that the SEC, under previous chair Gary Gensler, displayed strong opposition to ETFs offering staking functions. This firm stance was one of the reasons why spot Ethereum ETFs were approved without including staking.

However, there are indications that the regulatory climate may be shifting. The SEC is now headed by Paul Atkins, which some in the industry believe could bode well for a more favorable view on crypto.

As recently as last month, Grayscale updated its Ethereum ETF filing to account for staking. Moreover, hedge fund Canary Capital proposed a Tron ETF, which would also involve staking.

None of these filings have yet been granted approval by the SEC, which has not provided specific time frames and has recently postponed several ETF decisions.

If successful, VanEck’s BNB ETF could mark a significant step forward for both BNB and the broader cryptocurrency market.

ETFs are widely popular investment options in the regular stock market. They make it easier for both institutional and everyday investors to access assets, such as cryptocurrencies, through a regulated and familiar format.

In the crypto landscape, BNB is already heavily utilized, being accepted to pay trading fees on the Binance exchange and serving as the preferred currency for decentralized finance (DeFi) applications and non-fungible token (NFT) platforms built on the BNB Chain.

Despite this, it has been able to tap into only a limited set of traditional financial avenues, such as exchange-traded funds. An ETF by VanEck could help expand that reach.

It goes beyond merely providing simpler access. If they’re permitted to stake, it might also enable traditional investors to earn passive income with crypto — an opportunity that was previously unique to those already involved in the crypto sphere.

To further advance the process, VanEck must also submit Form 19b-4. This step initiates an official review by the SEC and establishes a time frame for a decision on the ETF application, which is currently pending.