VanEck becomes first asset manager to file for BNB ETF in the US

U.S. asset manager VanEck has submitted an S-1 document  to the U.S. Securities and Exchange Commission for a spot BNB exchange-traded fund as the race for altcoin ETFs continues to heat up under new SEC leadership.

VanEck is the first asset manager to file for a BNB ETF. 21Shares manages the 21Shares Binance BNB ETP, listed on several European exchanges, The Block's Danny Park previously reported .

BNB is the native token of the BNB Chain, a blockchain network closely related to Binance, one of the world's largest crypto exchanges. Binance offers a discount on trading fees for users who elect to pay in BNB, and the token can also be used for travel bookings and merchant payments through the Binance Card.

"Interesting timing with TOKEN2049 just a few days ago where CZ spoke and Jan Van Eck attended, not sure if connected but CZ was really impressive i gotta say," Bloomberg ETF analyst Eric Balchunas said in a post on X .

The token trades around $595 at publication time with a market capitalization of $86.7 billion, according to The Block's BNB price data . BNB is the fourth-largest non-stablecoin cryptocurrency by market cap.

If the ETF filing is eventually approved, any part of the BNB in ​​the trust can be used to earn staking rewards, earn additional BNB, or other income, according to the S-1 filing.

There are currently more than 70 altcoin-related ETF filings awaiting review from the SEC, which recently delayed decisions on several filings.