New Filing Appears on Delaware State Portal
VanEck may be preparing to launch the first U.S.-based BNB ETF, according to a recent entity registration on Delaware’s official state portal. The newly registered “VanEck BNB ETF” entity became effective on March 31 with the state’s Division of Corporations. This type of registration is a common first step before filing an official ETF application with the SEC.
What the ETF Would Track
If the SEC ultimately approves it, the ETF would be the first U.S. product tracking BNB, the native token of Binance’s Layer 1 blockchain. BNB currently ranks as the fourth-largest non-stablecoin cryptocurrency by market capitalization. The proposed ETF would follow the structure of VanEck’s other crypto funds, such as the recently filed Avalanche ETF, and would likely offer retail investors easier exposure to BNB.
Caution Over Bogus Filings
While the filing signals intent, it’s not yet confirmation of a formal application. The Block notes there have been false alarms in the past, such as a November 2023 filing for an “iShares XRP Trust” falsely attributed to BlackRock. As of now, VanEck hasn’t confirmed the legitimacy of the BNB ETF registration.
Wider ETF Trends
VanEck has been actively expanding its crypto ETF ambitions. The firm submitted an S-1 filing for an Avalanche ETF in March and previously filed for a Solana ETF, which was acknowledged by the SEC in February. If approved, the BNB ETF would join a growing list of crypto-related ETFs emerging under the Trump administration’s more favorable crypto stance.
