VanEck Files to Launch the First U.S.-listed ETF Tracking BNB, the Native Token of Binance's BNB Chain

Asset management firm VanEck has applied to launch the first U.S.-listed exchange-traded fund (ETF) that holds BNB, the native token of Binance’s BNB Chain, according to a regulatory filing submitted to the Securities and Exchange Commission.

The proposed fund would directly hold BNB and may stake a portion of its holdings through trusted providers, potentially generating additional returns for investors. BNB currently offers an estimated 2.5% staking yield, according to data from Stakingrewards.com.

With a market capitalization near $84 billion, BNB is one of the largest digital assets and underpins one of the most active smart contract ecosystems. The BNB Chain currently hosts nearly $6 billion in total value locked, placing it among the top networks by decentralized finance (DeFi) activity, based on data from DeFiLlama.

VanEck’s move follows months of strong demand for spot Bitcoin ETFs, which have pulled in over $40 billion since debuting in January. Binance co-founder Changpeng “CZ” Zhao, speaking at Token2049 in Dubai, said he expects the momentum behind Bitcoin ETFs to eventually benefit altcoins.

“This cycle so far has been the ETFs. And it’s almost all Bitcoin,” CZ said. “Bitcoin success will spill over to the others eventually.”

The BNB ETF filing comes as part of a broader wave of crypto ETF proposals submitted since President Donald Trump took office in January. Other asset managers have filed to list ETFs tied to Solana (SOL), Avalanche (AVAX), and even memecoins like Dogecoin (DOGE), reflecting growing institutional appetite for broader exposure beyond Bitcoin and Ethereum.

While the SEC has acknowledged many of these filings, it has yet to approve any altcoin-based ETF. The agency continues to weigh the regulatory framework for digital assets, particularly those it considers securities.

VanEck offers a lineup of crypto ETFs catering to different investor profiles. Its flagship VanEck Bitcoin ETF (HODL), which holds Bitcoin directly in cold storage, has attracted over $1.4 billion in assets. The firm is waiving its sponsor fee on the first $2.5 billion until January 2026, after which a 0.20% fee applies.

For equity-based exposure, VanEck offers the Digital Transformation ETF (DAPP), tracking companies tied to crypto infrastructure, including miners and exchanges. Thematic diversification continues with the VanEck Crypto and Blockchain Innovators UCITS ETF, also under the DAPP ticker, offering global blockchain equity exposure within a UCITS-compliant structure. It holds $310 million in assets and charges a 0.65% fee.