VanEck Files to Launch a Spot BNB Coin (BNB) ETF with the SEC

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

Asset management firm VanEck has filed for an exchange-traded fund that will closely track the price movements of Binance Chain's native token, BNB.

This application, submitted to the U.S. Securities and Exchange Commission on Monday, could open doors for the first ETF in the U.S. to directly expose investors to the coin.

Following the filing, 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 also saw a surge of 10.67%, reaching $1.46 billion.

In comparison, blue-chip cryptocurrencies Bitcoin and Ethereum experienced a smaller increase of 0.20% and 0.96%, respectively, in the 24-hour period.

Interestingly, the Open Interest for BNB decreased by 4.40% in the last 24 hours, as per data from Coinglass. A decline in Open Interest, coupled with a price rise, could indicate that short-term traders were covering their positions.

At the same time, over 63% of Binance traders with open BNB positions had placed bullish bets on the cryptocurrency, suggesting anticipation for short-term gains.

The momentum in BNB follows the firm's application for a spot ETF, which will be the first in the U.S. to provide investors with exposure to the coin.

The S-1 filing is a crucial step, and applicants are required to submit it prior to applying to offer new securities.

Moreover, VanEck applied to have the fund's BNB set aside for earning staking rewards, which will grant additional BNB or other income to the fund.

Based in New York City, VanEck is a renowned global asset manager with assets under management exceeding $116 billion as of March 31.