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American investment manager VanEck is applying for the U.S. Securities and Exchange Commission (SEC) to list an exchange-traded fund (ETF) directly tracking the price of Binance’s BNB.
The VanEck product, if approved, will be the first U.S.-listed ETF to offer investors exposure to BNB.
It is part of a broader push by several firms to launch crypto ETFs in the U.S. ahead of the upcoming presidential election cycle.
Earlier this year, investment firms like Bitwise, WisdomTree, and Round Table Capital filed applications to list exchange-traded funds (ETFs) based on Ripple’s XRP.
Those applications followed the registrations of several other crypto ETFs, including those tracking Dogecoin, Solana, and other crypto assets.
As those filings continue to be tabled by the SEC, VanEck is aiming to launch the first BNB fund.
The New York-based firm on May 2 filed an S-1 prospectus for a spot BNB ETF that would include staking capabilities.
The firm may include an option for investors to stake their BNB holdings through a third party to earn additional yield, according to the SEC filing. It will also depend on whether the listing exchange permits such an offering.
The VanEck product, which is planned to trade on the Nasdaq Stock Market, would invest in the BNB tokens and track their price.
This will allow investors to profit from the token’s performance without needing crypto wallets or using digital asset trading platforms.
The SEC filing comes after Magic Circle law firm Linklaters registered a new entity on behalf of VanEck in Delaware last month for the prospective BNB ETF.
Aiming to be the first company to propose a potential spot BNB fund in the US, the firm is rolling out a series of crypto ETFs in the country.
This follows the approvals of the first Bitcoin and Ether ETFs in January and July 2024, respectively.
The BNB token, which Binance launched in July 2017 as an ERC-20 token on the Ethereum blockchain, is described as a “community-driven and decentralized blockchain ecosystem for Web3 decentralized applications.”
It is used for paying fees and voting on network proposals within the BNB Chain ecosystem, which is closely linked to Binance.
The post American Investment Manager Applies For BNB ETF
The VanEck product, if approved, will be the first U.S.-listed ETF to offer investors exposure to BNB. It is part of a broader push by several firms to launch crypto ETFs in the U.S. ahead of the upcoming presidential election cycle. Earlier this year, investment firms like Bitwise, WisdomTree, and Round Table Capital applied for the listing of exchange-traded funds (ETFs) based on Ripple’s XRP.
Those applications followed the registrations of several other crypto ETFs, including those tracking Dogecoin, Solana, and other crypto assets.
As those filings continue to be tabled by the SEC, VanEck aims to launch the first BNB fund.
The New York-based firm on May 2 filed an S-1 prospectus with the U.S. Securities and Exchange Commission for a spot BNB ETF that would include staking capabilities.
The filing indicates that, pending regulatory approval from the listing exchange, the ETF may feature staking to allow investors to earn extra yield with their investment.
The firm may also include an option for investors to pay a third party to stake their BNB holdings in order to generate additional income for investors in the ETF, according to the prospectus.
However, it is still subject to approval by the exchange where the ETF is listed.
The VanEck product, which is planned to trade on the Nasdaq Stock Market, would invest in the BNB tokens and track their price. This will allow investors to profit from the token’s performance without needing crypto wallets or using digital asset trading platforms.
The SEC filing came after Linklaters registered a new entity on behalf of VanEck in Delaware last month for the prospective BNB ETF.
Aiming to be the first company to propose a potential spot BNB fund in the US, the firm is rolling out a series of crypto ETFs in the country. This follows the approvals of the first Bitcoin and Ether ETFs in January and July 2024, respectively
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