VanEck filed paperwork for a spot BNB ETF in Delaware, marking the first US bid for a Binance-linked fund. The move follows Europe’s 21Shares BNB ETP and reflects rising altcoin ETF interest under new SEC leadership.
Investment firm VanEck has taken formal steps to launch America’s first spot BNB ETF, leveraging Delaware’s corporate trust framework amid shifting crypto regulatory landscapes.
Breaking: VanEck Targets BNB Market With ETF Filing
New York-based VanEck submitted a Form D filing with the SEC on July 8 to create the VanEck BNB Trust through Delaware statutory trust framework, according to regulatory documents reviewed by Reuters. The proposed fund would hold Binance’s native token directly, mirroring European crypto ETP structures rather than existing US bitcoin futures ETFs.
European Precedent Sets Stage
Swiss issuer 21Shares launched Europe’s first BNB exchange-traded product (ETP) on SIX Swiss Exchange in December 2023, attracting $14 million in assets. VanEck’s filing explicitly references this model, noting in the trust agreement that ‘custody solutions developed for European physically-backed crypto products demonstrate operational viability.’
Altcoin ETF Race Accelerates Under Gensler
The SEC has received 17 altcoin-related ETF proposals since May 2024, including products targeting Avalanche (AVAX) and XRP, per Bloomberg data. This surge follows SEC Chair Gary Gensler’s recent comments about ‘reassessing crypto product frameworks’ during a June MIT Fintech conference panel.
Market analysts attribute the activity to two factors: improved custody solutions from firms like Coinbase Custody and Polygon Labs’ proof-of-reserve technology, plus anticipation of clearer guidelines following the SEC’s partial loss in its Ripple Labs lawsuit. ‘We’re seeing institutional demand diversify beyond bitcoin,’ said Morningstar ETF strategist James Seyffart in a phone interview.
Regulatory Hurdles Remain
VanEck’s filing faces multiple challenges according to SEC disclosure documents: Binance’s ongoing legal battles with US regulators, BNB’s classification as potential security, and lack of US-regulated BNB futures markets. The firm proposes using CME CF BNB Reference Rate for pricing but acknowledges ‘unique operational risks.’
Bloomberg Intelligence senior ETF analyst Eric Balchunas noted via Twitter: ‘BNB ETF approval odds sit below 20% currently. This looks like a strategic placeholder filing ahead of potential regulatory shifts post-election.’
Binance CEO Richard Teng declined to comment directly but stated in a company blog post: ‘Third-party product development reflects growing institutional recognition of BNB’s utility across blockchain ecosystems.’
Market Reacts to ETF Speculation
BNB prices surged 7.3% to $553 within 90 minutes of the filing’s discovery by crypto analytics firm Arkham Intelligence. Options activity on Deribit showed increased bullish bets for September $600 calls, with trading volume tripling average daily levels.
Competitors are already responding – Grayscale Investments confirmed to CNBC it’s ‘exploring multiple altcoin trust structures,’ while Bitwise Asset Management updated its XRP ETF application to include BNB compatibility clauses last week.
