Key Insights:
A VanEck BNB Trust was filed in Delaware, which is legally the first step towards incorporating an ETF.
A BNB ETF could bring many rewards to holders considering its central role in the Binance ecosystem.
However, whether the ETF will allow staking or not remains the critical point.
Previously, Ethereum ETFs failed to shine in the markets due to a lack of staking, an additional source of revenue for ETH holders.
VanEck has filed to incorporate a Delaware Trust in the USA. The trust filing was done on 31 March 2025. The wealth management company aims to launch a BNB ETF, which would buy BNB from spot markets and hold it in the trust. Later, the shares of the trust will be sold as ETF.
BNB coin is the fourth largest altcoin and the fifth largest cryptocurrency in the markets with a marketcap of $85 billion. The coin plays a central role in the Binance ecosystem and can be used to stake, provide collateral, deposit liquidity for rewards, pay for fees on the Binance exchange, and transact on the BNB blockchain.
With Binance having seen the end of all its US-based troubles (around Binance.US and CZ), we might see an easy approval for this BNB ETF.
The BNB blockchain is the second largest chain after Ethereum as per the number of assets natively supported by it. The chain supports wrapped versions of most of the cryptocurrencies being traded in the crypto markets.
As a result, it has been used as the go to blockchain for low networth users and those who want very low fees. The Binance ecosystem supports the BNB chain, and hence its fee is less than a cent in most cases.
Further, the BNB chain's integration in the Binance exchange (which is the largest CEX in the world) helps BNB get a high number of users. More users using BNB chain helps burn BNB in the form of transaction fees. As a result, all other BNB holders see a marginal appreciation in their token value.
An exchange-traded product is similar to an ETF and is mostly used for launching ETFs in Europe, where there exists several ETF-like products such as Exchange Traded Products (ETP) and Exchange Traded Notes (ETN).
The 21 Shares BNB ETP is an exchange-traded product (similar to an ETF) being traded in Europe by Bluefin Europe LLP. Just like an ETF, it also holds BNB coins.
The ETP is listed under the ticker name ABNB in the European Union markets.
Ethereum ETFs saw their worst days because of a simple feature, or lack thereof. These ETFs were not permitted to stake the Ethereum they owned. Staking would have provided an additional source of income for ETF buyers and therefore the ETFs lacked any decent performance.
Ethereum ETF Flows
Coinglass
BNB being based on Ethereum, needs an active staking permission from the SEC to generate an additional revenue. Otherwise, it would be always more profitable to buy BNB from any CEX or DEX.
VanEck is one of the largest crypto ETF issuers with active ETFs in both Bitcoin and Ethereum, while active applications for Solana ETF, BNB ETF, and other leveraged ETFs. The company holds a total of 5 ETFs including a mixed BTC and ETH ETF.
At press time, VanEck manages around $113 billion in various ETFs both from crypto and traditional assets. As crypto ETFs start getting more traction as they are expected to get after May 2025 US Fed meeting, we might see a drastic shift in VanEck's preference towards crypto ETFs.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.