VanEck Files for a Spot BNB ETF in the United States on May 5, 2025

The DE Centers, LLC, a subsidiary of VanEck, has filed for a Spot BNB ETF with the U.S. Securities and Exchange Commission (SEC).

The filing, dated May 5, 2025, marks the first attempt to create a U.S.-based exchange-traded fund tied to Binance Coin (BNB). It comes during a surge of altcoin ETF applications, with over 70 submissions now under SEC review.

Earlier in March 2025, VanEck completed the required Delaware statutory trust setup ahead of the filing. This legal structure was also used in VanEck’s attempt for an AVAX ETF. It follows the standard ETF application process but does not affect the outcome.

As of press time, the SEC has not yet responded to the VanEck BNB ETF filing.

VanEck Completes BNB ETF Filing After Token2049

The filing includes DE Centers, LLC, as the applicant, and State Street Bank and Trust Company, serving as the trustee. The ETF will be structured to track the performance of Binance Coin, focusing on the price movements of the token.

BNB’s inclusion in a formal SEC filing highlights a shift in the U.S. market. In 2023, major platforms such as Coinbase (NASDAQ:COIN) and Kraken delisted Binance Coin due to regulatory pressure on Binance. At the time, Binance faced legal actions from U.S. authorities, which affected token availability across exchanges.

However, in 2025, some platforms have begun relisting BNB. Kraken is among those that have resumed support for the token, and its market presence has grown again.

Moreover, the price of BNB began rising on May 5, ahead of the official news. However, no direct link between the price activity and the filing has been confirmed.

The VanEck BNB ETF filing also showcases Binance Coin’s current market standing as one of the top-valued digital assets by market capitalization.

ETF Analyst Tracks BNB ETF Activity After Token2049

Eric Balchunas, an ETF analyst, has been closely following the development of crypto ETFs. He pointed out the timing of the VanEck BNB ETF filing in relation to a recent blockchain conference, Token2049.

Both Jan Van Eck and Binance founder CZ attended the conference, though they did not appear together publicly. Their presence at the same event sparked attention towards BNB-related developments.

Balchunas also highlighted a quote by CZ from Token2049:

“This cycle so far has been the ETFs. And it’s almost all Bitcoin. Ether hasn’t had as much success, but Bitcoin success will spill over to the others eventually. It takes time, though. I think we are still early.”

This quote was delivered in a public setting and reflects how Binance views the progression of crypto ETFs in the U.S. regulatory environment.

Decision Timeline Remains Unclear

The SEC has not yet announced a timeline for reviewing the VanEck BNB ETF application. However, based on earlier ETF decisions, analysts expect delays. Most altcoin ETF filings are currently pending, with decisions likely pushed to October 2025.

The inclusion of BNB in an ETF application adds to a growing list of tokens being considered for financial integration. Other pending altcoin ETFs include applications for Solana (SOL), XRP, and Cardano (ADA). The SEC’s approach to these filings could impact the fate of the VanEck BNB ETF.