VanEck Files For First US BNB ETF, BNB Price Jumps 8.2%

VanEck, a prominent US asset manager, has submitted a Form S-1 registration statement to the Securities and Exchange Commission (SEC) for the VanEck BNB ETF. This filing, made on May 2, 2025, marks a significant milestone as it aims to launch the first exchange-traded fund in the US that provides exposure to Binance Coin (BNB). The ETF is designed to track the spot price of BNB, minus fees and expenses, and may also offer staking rewards if regulatory approval is granted. This development allows investors to gain price exposure and additional yield through staking, utilizing trusted providers.

VanEck's filing for the BNB ETF is part of its broader strategy to expand its crypto ETF offerings. The company has already launched spot Bitcoin and Ethereum ETFs in 2024 and has pending applications for ETFs linked to Solana and Avalanche. This aggressive move positions VanEck as one of the leading traditional finance players entering the regulated crypto product space. The formation of a dedicated trust entity in Delaware to serve as the fund’s sponsor is a typical legal step for launching an ETF, and it reflects VanEck’s long-standing efforts to integrate cryptocurrencies with traditional finance products, dating back to its Bitcoin futures ETF proposal in 2017.

BNB, as a payment and utility token on the BNB Chain, underpins various services within Binance’s extensive ecosystem, including decentralized applications (dApps), exchanges, and launchpads. At the time of the filing announcement, BNB’s market cap was around $85 billion, quickly rising to $85.3 billion within hours, reflecting investor optimism. VanEck’s prospectus highlights that a regulated ETF wrapper could simplify BNB access, reducing the technical complexity associated with using wallets or exchanges. The fund’s shares would trade on a leading US exchange, using a reliable spot price index to determine share pricing.

The news of VanEck’s filing for the BNB ETF was met with a strong market response. Hours after the announcement, BNB’s price increased by 8.2%, moving from $540.23 to $584.55 on Binance. This price run-up followed patterns from previous ETF-related occurrences with Bitcoin and Ethereum, demonstrating how ETF filings often ignite short-term price optimism. There was also a pickup in on-chain activity, with Binance Smart Chain transactions rising by about 15% in the afternoon following the announcement, indicating renewed interest from investors.

While VanEck’s filing is a significant step, there are still regulatory obstacles to overcome. The SEC has not specified a decision time frame and maintains a cautious stance on crypto-based products. However, VanEck’s history of wins with Bitcoin and Ethereum ETFs, along with its previous losses, suggests a calculated approach that could increase its chances of approval. If approved, the VanEck BNB ETF would not only be the first of its kind in the US but could also motivate other asset managers to offer similar ETFs for large-cap crypto assets. This could broaden access to BNB for institutions that have so far been unable or unwilling to interact directly with crypto exchanges.