On a recent date, U.S. asset manager VanEck submitted an S-1 document to the SEC for a spot BNB ETF. This move occurs amidst increasing interest in altcoin ETFs under new SEC leadership. If approved, the ETF could use BNB holdings for staking rewards and additional income.
VanEck is the first to file for a BNB ETF in the U.S. Currently, 21Shares manages the 21Shares Binance BNB ETP, which is listed on several European exchanges. BNB, the native token of BNB Chain, is closely linked to Binance, one of the largest crypto exchanges.
The token is trading around $595 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. Bloomberg ETF analyst Eric Balchunas noted the timing with TOKEN2049, where CZ spoke and Jan Van Eck attended.
If the ETF is fully 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.
This article is based on our author's analysis of materials taken from The Block.