VanEck Files Form S-1 Registration Statement for Its Binance Coin (BNB) Exchange-Traded Fund (ETF)

U.S. asset management firm VanEck has filed for an exchange-traded fund (ETF) that would track the price of Binance Coin (BNB).

The firm submitted Form S-1 registration statement for the "VanEck BNB ETF" with the U.S. Securities and Exchange Commission (SEC) on Friday.

The document includes details about the ETF's business operations, financial condition, and the methodology for determining the offering price of the ETF.

After previously launching Bitcoin (BTC) and Ethereum (ETH) ETFs in the U.S., VanEck is now looking to add another major cryptocurrency to its ETF portfolio with BNB.

The move comes after 21Shares launched the ETP earlier this year. However, that product is available in Europe, while VanEck’s ETF would target a U.S.-based clientele.

If approved by the SEC, the BNB held in the trust could be staked to earn additional BNB or other income, which would then be distributed to the ETF's holders.

The application for the ETF comes as the narrative around BNB is shifting. Once seen as an asset heavily tied to the exchange, traders are now recognizing BNB as a key component of the Web3 infrastructure.

This stands in contrast to the skepticism that met the initial applications for a spot Bitcoin ETF, which took several years to be approved.

Earlier this year, the SEC also approved the first two spot cryptocurrency ETFs, setting the stage for a wave of new products to hit the market.

However, the SEC has since hit a snag in its efforts to approve any more crypto ETFs. Despite this setback, the commission is continuing to process the applications that were submitted in the first quarter of the year.