VanEck Registers a Binance Coin ETF in Delaware
Investment management company VanEck registered a Binance Coin (BNB) exchange-traded fund in Delaware. This move marked the investment firm’s fifth registration of crypto asset ETFs in the state, including Ether, Bitcoin, Solana, and Avalanche ETFs.
The firm filed for a spot Solana ETF mid last year, following its successful ETF registrations backed by BTC and ETH. Earlier this month, VanEck also submitted a registration for an Avalanche ETF in the state of Delaware.
VanEck Registers a BNB ETF in Delaware
Investment management firm VanEck has filed to launch a trust entity for a proposed BNB ETF in Delaware. The investment manager has established a trust to serve as a preparatory measure in the ETF registration process prior to the formal application to the Securities and Exchange Commission (SEC).
The firm marked the first attempt to establish a Binance Coin (BNB) ETF specifically in the U.S. market. Other BNB-related products, such as the 21Shares Binance ETP, exist, but they are not U.S.-based. The 21Shares BNB exchange-traded product is also the only ETN that tracks the Binance Coin index.
The asset manager registered the new product on Monday, called VanEck BNB ETF, under filing number 10148820. According to public records on the official Delaware state website, the ETF was also registered as a trust corporate service company.
Source: Delaware state website. Registration for the VanEck BNB ETF in Delaware.
The New York-based company acknowledged that the BNB ETF will track the price of Binance Coin, currently ranked as the fifth-largest virtual currency by market capitalization. The digital asset is currently exchanging hands at around $599.70 with a 5.27% drop in the last seven days. On-chain data also revealed that the trading volume for BNB Coin has surged by 42% to more than $2.12 billion as a result of VanEck’s move.
VanEck Registers Other Digital Asset ETFs
The firm’s recent registration makes BNB join Bitcoin, Ether, Solana, and Avalanche as the fifth digital asset to have an independent ETF registration initiated by VanEck in Delaware. The firm, managing nearly $115 billion in client assets globally, debuted its Bitcoin and Ether ETFs last year after securing approval from the SEC.
The asset investment manager filed for a Solana ETF in June 2024, making it the first Solana exchange-traded fund in the U.S. The firm had registered a trust company for its SOL fund in November 2021, when the asset changed hands at pandemic-era peak of $259.
VacEck also applied for SEC approval last month to launch the first AVAX ETF. According to public records on the official Delaware state website, the document is registered under file number 10125689, and the agent registered on the form was revealed to be CSC Delaware Trust.
The firm noted that the AVAX ETF is structured as a Delaware statutory trust and will be managed under a trust agreement, with VanEck as the fund’s main sponsor. The investment company will now have to file an official S-1 form with the U.S. SEC for a spot AVAX ETF.
The NASDAQ exchange also applied to the SEC on March 28 to list shares of an Avalanche ETF issued by crypto asset manager Grayscale. Grayscale’s AVAX fund 19b-4 form showed that the ETF would use Coinbase Custody as its custodian.
Grayscale also offers spot Bitcoin and Ethereum ETFs and has applied to launch funds based on other digital assets including XRP, Solana, and Dogecoin. The firm’s BTC fund manages nearly $17 billion, and ranks third among other Bitcoin funds from BlackRock and Fidelity.
The surge in ETF applications comes after the success of spot Bitcoin and Ethereum funds last year, and as crypto-based exchange-traded products garnered roughly $44 billion worth of assets in 2024.
Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now