- VanEck has filed for the first spot BNB ETF in the US aiming to track Binance Coin without direct ownership.
- The ETF may allow staking to earn BNB rewards but it will not claim airdrops or forked assets.
- Shares will trade on the secondary market but only large institutions can create or redeem ETF baskets.
VanEck has submitted a filing to the U.S. Securities and Exchange Commission seeking approval for a spot BNB exchange-traded fund. The application, dated May 2, marks the first official attempt to list such a fund in the United States.
The proposed ETF enables investors to track Binance Coin prices without requiring actual token ownership. BNB functions as the exchange native cryptocurrency. Binance token functions primarily in its ecosystem by reducing transaction fees yet it supports all transaction operations.
Fund Structure and Staking Plans
The ETF would hold actual BNB tokens in custody. Its value will be calculated from aggregated prices across the top five trading platforms. MarketVector Indexes will serve as the index provider for this pricing mechanism.
The filing states that the ETF may engage in staking activities, pending regulatory approval. If permitted, staking could generate additional BNB through verified providers. However, staking rewards would be treated as income to the trust. The ETF will not claim airdrops, forked assets, or other incidental benefits linked to BNB.
Seed capital has already been secured. A private investor initially acquired seed shares and converted them into ETF creation baskets based on BNB’s index value at the time.
Trading and Regulatory Status
VanEck noted that shares will only be issued or redeemed in large units called “Baskets.” These transactions will be handled by authorized financial institutions. Investors can buy or sell shares on secondary markets, where trading prices may differ from the net asset value.
The ETF is not registered under the Investment Company Act of 1940 and is not classified as a commodity pool. Therefore, it falls outside regulatory oversight by the Commodity Futures Trading Commission. It is also not an investment adviser under the Advisers Act.
VanEck warned that investing in the proposed ETF may involve significant risks. BNB’s high price volatility could lead to substantial or total losses. The fund’s shares will not be protected by the Federal Deposit Insurance Corporation or any government entity.
Market Context and European Presence
This filing follows VanEck’s move to establish a legal entity for the ETF in Delaware last month. The ETF’s potential launch would join recent trends where asset managers push for more altcoin-based investment products in the U.S.
Currently, a BNB-based investment product is already available in Europe. Since 2019, 21Shares has offered a Binance BNB exchange-traded product listed on several European platforms.
