VanEck Files for a Spot BNB ETF, the First Attempt to Create an Exchange-Traded Fund Based on This Token

Crypto exchange Binance's CEO Changpeng "CZ" Zhao is hopeful that the U.S. Securities and Exchange Commission (SEC) will soon approve applications for exchange-traded funds based on altcoins.

At the Token2049 conference in Paris on Wednesday, CZ said that this market cycle has seen a strong focus on Bitcoin ETFs.

“It’s almost all Bitcoin. Ether [ETH] 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,” he added.

Earlier this month, two major institutional investors applied to launch ETFs that track the spot price of BNB.

The news comes as part of a broader wave of altcoin ETF applications.

At present, there are over 70 such products pending with the SEC.

Earlier this year, the Commission appeared to stall on several Bitcoin ETF bids. However, the industry is overwhelmingly confident that at least some of the altcoin offerings will win approval.

At the same time, major exchanges in the U.S. have begun to reconsider listing BNB in response to Binance's legal troubles.

However, ETF analyst Eric Balchunas said that some of CZ’s comments may reflect his attitudes on the BNB ETF.

“I bumped into CZ & Jan Van Eck at Token2049. Both spoke at the conference. Maybe they can do a joint panel next year. Thoughts on what topics they should discuss?” Balchunas asked on X.

One audience member replied: “An update on the BNB ETF.”

Balchunas responded: “Good one. They should discuss the benefits of crypto products to the market.”

Earlier this year, Balchunas noted that CZ and Van Eck both recently attended Token2049, although they did not appear on the same panel.

Although CZ has been known to conduct negotiations at industry conferences, there’s no evidence that he and Van Eck met directly.

Still, Balchunas said that some of CZ’s comments may reflect his attitudes on the BNB ETF.

“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,” Balchunas quoted from CZ’s conference appearances.

For now, it’s difficult to speculate much further about the BNB ETF.

There has been a huge wave of altcoin ETF applications, but the SEC might not make a decision on many until October.

The Commission’s attitudes towards these other products could give insight into BNB’s chances, but its own turn won't come for a while.