VanEck files for BNB ETF, first in US

Asset manager VanEck has asked US regulators for permission to list an exchange-traded fund (ETF) holding BNB, the native token of Binance’s BNB Chain, regulatory filings show.

The ETF is designed to accumulate spot BNBBNB$598.54BNBChange (24h)1.27%Market Cap$99.83BVolume (24h)$742.85MView Moretokens and “may, from time to time, stake a portion of the [fund’s] assets through one or more trusted staking providers,”accordingto the ETF’s S-1 prospectus. The filing marks the first time an asset manager has filed for a BNB ETF in the United States.

The BNB token has a market capitalization of roughly $84 billion, according todatafrom CoinMarketCap. As of May 5, BNB stakers earn a yield of approximately 2.5%, according todatafromStakingrewards.com.

Binance’s BNB Chain is among the most popular smart contract networks, with a total value locked (TVL) of nearly $6 billion, according todatafrom DefiLlama.

Related:Binance co-founder CZ proposes Bitcoin, BNB for Kyrgyzstan reserves

Bitcoin’s “spillover” effect?

The filing comes days after Binance co-founder Changpeng “CZ” Zhao reportedly said he expects the popularity of BitcoinBTC$95,100BitcoinChange (24h)0.36%Market Cap$1.88TVolume (24h)$25.55BView MoreETFs to eventually “spill over” into altcoins.

“This cycle so far has been the ETFs. And it’s almost all Bitcoin. Ether hasn’t had as much success but Bitcoin success will spill over to the others eventually,” CZreportedlysaid during the Token2049 conference in Dubai.

Spot Bitcoin ETFs attracted net inflows of more than $40 billion since launching in January of 2024,accordingto data from Farside Investors.

VanEck’s filing is the newest in a flurry of filings seeking to list ETFs holding altcoins.

The US Securities and Exchange Commission (SEC) has acknowledged dozens of cryptocurrency ETF proposals since US President Donald Trump took office on Jan. 20.

They include plans for ETFs holding native layer-1 tokens such as SolanaSOL$147.40SolanaChange (24h)1.80%Market Cap$71.72BVolume (24h)$1.84BView Moreas well as memecoins such as DogecoinDOGE$0.1716DogecoinChange (24h)0.56%Market Cap$25.6BVolume (24h)$595.39MView More.

VanEck has filed to list other cryptocurrency ETFs over the past few months, including funds holding Solana and AvalancheAVAX$19.80AvalancheChange (24h)1.02%Market Cap$8.14BVolume (24h)$145.86MView More.

Magazine:ZK-proofs are bringing smart contracts to Bitcoin — BitcoinOS and Starknet

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