VanEck, founded in 1955, is known for its innovative investment products, including ETFs, and has been a leader in cryptocurrency ETFs. They successfully launched spot Bitcoin and Ethereum ETFs in 2024 after securing SEC approval, as seen in VanEck eyes BNB ETF with latest Delaware trust filing, published on April 2, 2025. This experience positions them well for expanding into altcoin ETFs, with recent filings for Solana and Avalanche, making BNB the fifth digital asset they’ve targeted, per BNB ETF in the U.S.? VanEck’s Bold Move into Crypto ETF, also on April 2, 2025.
BNB, launched in 2017 by Binance, is the native token of the Binance ecosystem, used for trading fee discounts, staking, and other services, with a current market cap around $90 billion, as per CoinMarketCap. ETFs allow investors to gain exposure to BNB’s price movements without directly holding the asset, regulated under the Investment Company Act of 1940, offering a safer option for institutional and retail investors.
Details of the Trust Registration and ETF Process
On April 1, 2025, VanEck registered the “VanEck BNB Trust” in Delaware under filing number 10148820, as reported in VanEck files for a BNB exchange-traded fund in Delaware, published on April 2, 2025, and Top crypto news: VanEck hints at BNB ETF, Circle files S-1 application for IPO, from April 1, 2025. This registration is a preparatory step, creating a trust entity to hold BNB, which precedes the formal application to the SEC for ETF approval. The process typically involves filing an S-1 registration statement with the SEC, seeking to list the ETF shares on an exchange like NYSE Arca or Nasdaq, as seen in past Bitcoin ETF filings, per Different Approach: VanEck Files for a Bitcoin Strategy ETF with The SEC, published on August 10, 2021.
The trust registration in Delaware is a state-level filing, not yet on the SEC’s EDGAR database, but it signals VanEck’s intent to move forward, with the SEC filing expected soon, as noted in VanEck Files for First U.S. Binance Coin (BNB) ETF – What It Means for Investors, published on April 2, 2025.
Regulatory Challenges and SEC Approval
The path to approval faces hurdles, given Binance’s past regulatory scrutiny, including a $4.3 billion fine in 2023 for anti-money laundering and sanctions violations, as noted in Binance Fined $4.3 Billion by U.S. Authorities | CoinDesk. The SEC’s decision will depend on whether BNB is classified as a security, with Binance’s compliance history a factor, as seen in the Coinpedia article. VanEck’s experience with Bitcoin and Ethereum ETFs, approved in 2024, might help, but BNB’s ties to Binance add complexity, with controversy around regulatory approval, as discussed in X posts (Crypto Regulator on X).
VanEck Files for First U.S. Binance Coin (BNB) ETF – What It Means for InvestorsVanEck Files for BNB ETF: Major Coin Entering ETF Race?VanEck files for a BNB exchange-traded fund in DelawareTop crypto news: VanEck hints at BNB ETF, Circle files S-1 application for IPO https://crypublishx.com/sony-boosts-usdc-payments-with-crypto-com-integrat/
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