VanEck eyes BNB ETF with latest Delaware trust filing

Funding firm VanEck filed to register a Delaware trust firm for an exchange-traded fund (ETF) monitoring Binance-linked BNB cryptocurrency.

VanEck, on March 31, registered a brand new entity below the identify VanEck BNB ETF in Delaware, according to public data on the official Delaware state web site.

In filing 10148820, the entity is registered as a trust company service firm in Delaware, hinting at a possible spot BNB (BNB) ETF in america.

According to social media reviews, VanEck is the primary firm to suggest a possible BNB ETF within the US, doubtlessly signaling an growth of BNB Chain — previously generally known as Binance Chain — throughout conventional monetary merchandise available in the market.

BNB ETP product already exists in Europe

Whereas VanEck is the primary to maneuver towards a possible BNB ETF product within the US, related merchandise have been buying and selling in Europe for a number of years.

Distinguished European crypto asset supervisor 21Shares launched a BNB exchange-traded product (ETP) in Switzerland in October 2019, according to TradingView.

TradingView knowledge means that 21Shares BNB ETP has solely $15 million in belongings below administration (AUM), a 0.3% share of Switzerland’s whole crypto AUM of $5.3 billion as of March 28, as reported by CoinShares.

Associated: Grayscale files S-3 for Digital Large Cap ETF

The product reportedly noticed a major drop in fund flows previously yr, totaling 537 million euros, or $580 million.

What’s BNB?

Previously generally known as Binance Coin, BNB is the native digital asset of the BNB Chain, which is now described as a “community-driven and decentralized blockchain ecosystem for Web3 decentralized functions.”

BNB was launched by Binance in July 2017 as an ERC-20 token on the Ethereum blockchain as a software to incentivize customers to commerce on their platform and pay for charges at a reduced price.

On the time of writing, BNB is the fifth-largest cryptocurrency asset by market capitalization, price about $88 billion, according to CoinGecko.

Altcoin filings surge with Trump administration

VanEck’s BNB ETF trust filing is only one of many new US altcoin ETF filings and registrations which have adopted Donald Trump’s presidential inauguration in January.

In early March, VanEck registered a similar Delaware trust for an ETF monitoring the value of Avalanche (AVAX), additionally turning into one of many first firms to register such a trust.