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Investment giant Vaneck has registered a BNANCE coin (BNB) exchange-traded fund in Delaware, marking its fifth cryptocurrency ETF registration in the state. The move is because major financial institutions continue to bet on digital assets despite market volatility.
BNB joins Vaneck’s crypto ETF lineup
Vaneck registered a new product under filing number 10148820 on Monday, according to public records on the official Delaware state website. “Vaneck BNB ETF” is registered as a trust company service company, through registration of similar Bitcoin, Ethereum, Solana, Solana, Solana and Avalanche ETFs.
The New York-based company confirmed that the BNB ETF will track the price of Binance Coin, currently ranked fifth largest cryptocurrency with a market value of about $599. On-chain data shows that BNB’s transaction volume has increased by 40% to more than $2 billion after the announcement.
First BNB ETF attempt in the US market
Vaneck’s application is the first attempt to create a coin dioxide ETF for US investors. Although other BNB-related products exist in global markets such as 21shares Binance ETP, none are located in the United States. The 21shares product is still the only exchange transaction notes tracking binary coin indexes.
Just: Vaneck Registration Agency Potential BNB ETFs in the United States
Vaneck has applied to register an entity in Delaware, suggesting plans for the first BNB ETF on the U.S. market. This move marks an important step towards expanding accessibility to Binance Coin… pic.twitter.com/IFXBVU4MKD
– Crypto Townhall (@crypto_townhall) April 2, 2025
Vaneck successfully launched Bitcoin and Ethereum ETFs last year after receiving the Securities and Exchange Commission approval. The company manages nearly $115 billion in customer assets worldwide.
Crypto ETF competition heating
“Vaneck seems to be throwing everything on the wall and seeing what makes sense,” said Sumit Roy, senior ETF analyst at ETF.com. “Avalanche is not the most widely traded cryptocurrency, but first of all, to be marketed as ETFs in the new category, with potential upside and unfavorable aspects.”
BNB market cap currently at $85 billion. Chart: TradingView.com
The move comes weeks after Vaneck applied for SEC approval to launch the first Avax ETF. According to a report from the Delaware State website, the document is registered under file number 10125689.
Vaneck is not alone in pursuing other cryptocurrency ETFs. Grayscale also applied for funding based on XRP, Solana and Dogecoin. The company’s Bitcoin fund currently manages nearly $17 billion, ranking third among Bitcoin funds for companies such as BlackRock and Fidelity.
Encrypted ETFs gain power
The surge in ETF applications follows strong results from spot Bitcoin and Ethereum funds in 2023. In 2024 alone, cryptocurrency-based exchange-traded products can attract about $44 billion in assets.
The Nasdaq Exchange also filed an application with the SEC on March 28 to list shares of the avalanche ETF issued by Crypto Asset Manager Grayscale. According to the filing, Grayscale’s Avax Fund will use Coinbase custody as its custodian.
Vaneck’s latest move to BNB shows that major financial institutions will see demand from investors who are constantly regulated by cryptocurrency investment vehicles that are not just Bitcoin. The company applied for the Solana ETF in June 2024, making it the first potential Sol Exchange Frade funds in the United States.
To obtain official approval, Vaneck now must submit a formal S-1 form to the SEC for these newly registered encrypted ETFs.
Featured images by Gemini Imagen, charts by TradingView
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