VanEck files Delaware trust for BNB ETF

VanEck has taken a step toward launching a BNB ETF by filing a trust registration in Delaware.

With a new filing for a Delaware trust company, VanEck is positioning itself to introduce the first spot BNB ETF in the U.S.

To introduce an exchange-traded fund (ETF) tracking Binance-linked BNB, VanEck filed paperwork to establish a Delaware trust company.

VanEck officially registered a new entity, VanEck BNB ETF, in Delaware on March 31, as documented in state records.

With filing number 10148820, the entity registered in Delaware as a trust corporate service company, hinting at the launch of a spot BNB ETF in the U.S.

VanEck’s proposed BNB ETF, the first of its kind in the U.S. according to social media reports, may signal BNB Chain’s expansion into traditional financial sectors.

Europe has hosted BNB-related ETFs for years, even though VanEck is the first to take steps toward launching one in the U.S.

As reported by TradingView, 21Shares, a top European crypto asset manager, debuted a BNB ETP in Switzerland in October 2019.

CoinShares reports that Switzerland’s total crypto AUM stood at $5.3 billion as of March 28, with TradingView showing that the 21Shares BNB ETP accounts for just $15 million, or 0.3% of that figure.

According to reports, the product suffered a considerable drop in fund flows last year, totaling 537 million euros, or $580 million.

BNB, which Binance once called Binance Coin, serves as the native digital asset of the BNB Chain, now described as a decentralized, community-driven blockchain ecosystem for Web3 decentralized applications.

Binance debuted BNB in July 2017 as an ERC-20 token on Ethereum, offering users the ability to pay for trading fees at a discounted rate as an incentive to trade.

As per CoinGecko, BNB currently ranks as the fifth-largest cryptocurrency, boasting a market value of roughly $88 billion.

The filing for VanEck’s BNB ETF trust falls among the many new altcoin ETF registrations in the U.S. that occurred following Donald Trump’s inauguration in January.

Early in March, VanEck filed to register a similar Delaware trust for an ETF that follows the price of Avalanche, becoming one of the pioneers in this space.

Many ETF issuers, including at least nine companies as of March 12, have submitted filings for a standalone XRP ETF to the Securities and Exchange Commission.