VanEck has officially filed an application with the U.S. Securities and Exchange Commission (SEC) to launch the first-ever spot BNB exchange-traded fund (ETF) in the United States.
If approved, the product will list on Nasdaq under the ticker symbol VBNB, offering institutional and retail investors new access to the fifth-largest cryptocurrency by market capitalization, directly through traditional brokerage accounts.
Structure and Features of the Spot BNB ETF
The VanEck BNB ETF aims to track the real-time price of BNB, the native token of the BNB Chain. According to the amended S-1 registration statement filed with the SEC, the fund will maintain physical custody of BNB, avoiding cash-settled derivatives or futures contracts. This “spot” configuration aims to closely mirror BNB’s market price and address investor demand for transparent, derivative-free exposure.​
A unique twist in the filing is that VanEck proposes that ETF investors may also be eligible to receive staking rewards and additional income, should SEC regulations allow this feature in the future. This potential for “pass-through” staking is seen as a major differentiator, especially as new SEC leadership appears more open to incorporating yield-bearing strategies in regulated ETF products.
VanEck, a major global ETF provider, has a track record of pioneering crypto-based investment vehicles. The firm already operates several spot and futures-based cryptocurrency ETFs, including those tracking Bitcoin, Ethereum, and Solana in the U.S. and Europe.
Its adventure with BNB reflects both the growing role of the BNB Chain in decentralized finance (DeFi) and heightened investor interest in alternative layer-1 protocols.
Industry Outlook
Industry analysts note the VanEck filing as a milestone for both BNB and the multi-chain crypto ecosystem. The SEC’s decision timeline remains unclear, as it will need to evaluate both the basic price-tracking model and the newer staking components before approval. If granted, this ETF could pave the way for additional spot crypto funds covering major tokens that underpin DeFi and Web3 applications.​
Approval would also legitimize BNB to a wider class of U.S. investors who have thus far been limited to direct on-exchange purchases or overseas ETPs. Nasdaq would become the first major American stock exchange to list a spot ETF dedicated to the BNB ecosystem, mirroring similar developments for Bitcoin and Ethereum earlier this year.
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