- VanEck files for a BNB ETF trust, making it the first to move toward a U.S. Spot BNB ETF.
- BNB is the fifth-largest crypto at $87.7B, while XRP leads at $123B as the ETF race heats up.
- U.S. Spot BNB ETF could bring more investors to Binance Coin as crypto ETFs grow.
The investment management firm VanEck announced its registration as a Delaware trust company, demonstrating its progress towards introducing a spot exchange-traded fund (ETF) that tracks Binance Coin (BNB).
On March 31, 2025, “VanEck BNB ETF” obtained its Delaware registration as per public documents. The registration of a Delaware trust company by VanEck makes the corporation the first financial services provider to propose spot BNB ETFs in the American market.
An ETF under consideration would enhance institutional participation in BNB, which serves as the native currency of BNB Chain, which began as Binance Chain. The market shows growing demand for cryptocurrency investment products that receive regulatory oversight. The trust registration created by VanEck supports the possibility that the company will request SEC approval for regulatory status in the upcoming months.
Potential Market Impact and Competition with XRP
The market capitalization statistics show that BNB holds the fifth position among cryptocurrencies, with a value of $87.7 billion. Ripple’s XRP maintains the fourth-largest market position, estimated at more than $123 billion.
The first approval of a VanEck BNB spot ETF before other competing XRP ones could generate substantial capital entering BNB markets, thus posing a challenge to XRP’s current market position.
Nine leading investment companies, including Grayscale Franklin Templeton and CoinShares, have filed their applications to establish XRP ETFs before the regulatory agencies. The different path VanEck has chosen to establish a BNB-based ETF instead of XRP-based represents an expansion of crypto-based ETF options for investors.
BNB’s Market Performance and European Precedents
The alleged ETF news emerged when BNB’s value decreased by 5% during the previous week. The financial community believes that VanEck’s filing application might create a market-wide price transformation. Binance recently encountered European Union regulatory difficulties because the markets in the Crypto-assets framework forced the exchange to remove specific trading pair options.
The introduction of a U.S.-based BNB ETF remains new despite comparable investments in Europe since 21Shares launched their BNB exchange-traded product (ETP) in Switzerland in 2019.
The ETP launched early in Switzerland, but its market share is limited because it manages $15 million from the $5.3 billion Swiss crypto assets under management. According to market data, fund managers have withdrawn 537 million euros ($580 million) from their investments throughout the previous year.
VanEck Expands its Crypto ETF Portfolio
The BNB trust filing from VanEck happened after the company submitted its application for an Avalanche (AVAX) ETF in March. Since President Donald Trump took office in January 2021, VanEck has focused on developing crypto ETFs.
VanEck stands out from other issuers because it has failed to submit any proposals for XRP ETFs. Interest from institutions in digital assets has created a growing competition between asset managers who develop new cryptocurrency ETFs.
