Asset manager VanEck files for first US spot BNB ETF

VanEck has applied for a spot BNB ETF. This is an attempt to create the first listed index fund based on this token. As the wave of altcoin ETF applications strengthens, a positive view is spreading across the industry.

Currently, it is difficult to assess the likelihood of the SEC approving this application. At a recent meeting, Changpeng "CZ" Zhao theorized that while this market cycle is focused on Bitcoin ETFs, altcoin offerings will add more significance.

First BNB ETF

Compared to the long fight for Bitcoin ETFs, the door is now open. Two weeks ago, there were over 70 altcoin ETF applications, and the market is confident that several will be approved.

In this environment, CZ announced VanEck's BNB spot ETF application:

VanEck laid the foundation for the BNB ETF by registering a related legal trust in Delaware just over a month ago. This is the standard procedure for new cryptocurrency ETFs. VanEck followed the same procedure in March for the AVAX ETF attempt.

While it is currently difficult to assess the approval possibility, BNB is one of the largest cryptocurrency assets. This could provide an advantage to BNB.

The fact that Binance is even considering a US-based ETF shows how much BNB has developed recently. In 2023, US exchanges began reconsidering BNB listings due to Binance's legal issues.

However, major exchanges like Kraken have begun listing BNB again. BNB has momentum moving forward and was already seeing price increases a few hours before today's announcement.

ETF analyst Eric Balchunas mentioned that CZ and Jan van Eck recently attended Token2049 but did not appear on the same panel. While CZ is known for negotiating at industry conferences, there is no evidence that he directly met with van Eck. Balchunas said that some of CZ's statements might reflect his attitude towards the BNB ETF:

"This cycle has been about ETFs so far. It's almost all Bitcoin. Ethereum hasn't been very successful, but Bitcoin's success will eventually spread to other coins. It will take time, but we think we are still in the early stages." – Eric Balchunas, ETF Analyst

Currently, it is difficult to speculate further about the BNB ETF. Although there has been a large wave of altcoin ETF applications, the SEC may not make a decision on many applications until October. The committee's attitude towards other products may provide insight into BNB's possibilities, but it is not BNB's turn yet.