VanEck has submitted a surprise application to the U.S. Securities and Exchange Commission (SEC) for a spot exchange-traded fund (ETF) backed by BNB, the native token of Binance’s BNB Chain.
This marks the first time an asset manager has formally proposed an ETF focused on BNB within the United States, signaling a notable expansion in institutional interest toward altcoins.
VanEck’s S-1 filing reveals that the ETF plans to maintain BNB spot tokens as part of its investment strategy. The fund can generate passive revenue by staking a segment of its holdings through approved providers.
BNB token staking produces around 2.5% yearly returns, according to data presented on StakingRewards.com as of May 5. BNB remains one of the most valuable cryptocurrencies, with a market capitalization of roughly $84 billion, based on CoinMarketCap figures.
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The decentralized finance sector maintains the BNB Chain as its dominant force, through which its blockchain holds nearly $6 billion in total value locked (TVL), according to reports from DefiLlama.
Altcoin ETFs Gain Momentum Amid Bitcoin ETF Success
VanEck’s unexpected filing comes amid growing demand for crypto ETFs following the success of spot Bitcoin ETFs launched earlier this year. Since January, spot Bitcoin ETFs have attracted more than $40 billion in net inflows, according to data from Farside Investors.
This surge in capital has raised speculation that interest in similar funds for altcoins could follow.
Binance co-founder Changpeng “CZ” Zhao recently commented during the Token2049 conference in Dubai that the current ETF cycle is heavily focused on Bitcoin. The executive noted that Bitcoin’s success would expand investors’ curiosity about other digital assets in the future.
His observations become more relevant now that alternative token ETF proposals are gaining momentum in the market.
During the past few months, VanEck filed requests for ETFs associated with Solana and Avalanche tokens alongside its existing proposals. This company’s pursuit of a BNB-focused ETF demonstrates its commitment to expanding its position within the growing crypto-linked investment products market.
The SEC has officially recognized multiple recent filings, including proposed rulemaking standards for tokens, including Dogecoin and Solana.
VanEck’s bold step to file for a BNB ETF has shaken the crypto market and pushed the altcoin ETF conversation into the spotlight. With the SEC now under pressure to review a broader range of crypto ETFs, this filing could mark a turning point in mainstream altcoin adoption.
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