VanEck Files for First U.S. Binance Coin (BNB) ETF – What It Means for Investors

The post VanEck Files for First U.S. Binance Coin (BNB) ETF – What It Means for Investors appeared first on Coinpedia Fintech News

VanEck, an US-based investment management firm, has filed an application to launch a Binance Coin ETF in the US State of Delaware. If approved, it would become the first BNB ETF in the US market. In the last 30 days, the BNB market has registered a growth of 1.1%. Here is everything you should know about the development. 

VanEck’s Bold Move: BNB ETF Registered in Delaware 

Acclaimed investment management firm VanEck has submitted an application to launch a Binance Coin ETF in the US State of Delaware. This is not the first time that this global investment management company has filed such an application. The latest application is the fifth one the company has submitted in connection with the ETF market. Earlier, it submitted applications for Bitcoin, Ethereum, Solana and Avalanche.  

VanEck Bitcoin ETF (HODL) has a market capitalisation of $1.18B. It is the seventh-largest BTC Spot ETF by market cap. 

VanEck Ethereum ETF (ETHV) has a market capitalisation of $88.17M. It is the sixth-largest Ethereum ETF by market cap.   

If VanEck’s application is approved by the SEC, this will become the first BNB ETF in the US market. 

Even though 21Shares already has a similar investment product, it cannot claim the first BNB investment product status as it is not registered in the US. 

BNB Price Reaction: Trading Volume Surges 

The 24-hour volume of BNB now stands at $1,725,542,807. In the last 30 days, the BNB market has grown by around 1.1%. At one point on April 1, the market touched a peak of $90,373,731,923. 

The BNB price now stands at $602.16. In the last seven days, it has seen a decline of 4.7%. In the last 24 hours alone, it has dropped by 2.5%. 

Reports suggest that after VanEck’s filing, the trading volume of BNB has grown by at least 42%. 

Regulatory Challenges: Will the SEC Approve a BNB ETF?

The filing of the BNB ETF application by VanEck is just a preliminary step. The approval of the SEC is far from guaranteed, considering Binance, the issuer of BNB, has a history of regulatory challenges and scrutiny from authorities worldwide concerning compliance, money laundering, and operational practices. 

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Institutional Demand for Crypto ETFs Is Rising: What You Should Know    

The total market cap of the Bitcoin Spot ETF market remains at $95.70B. The market cap of the BTC Futures ETF market is $2.12B. This means that the total market cap of the entire Bitcoin ETF market is $98.08B. 

Likewise, the total market cap of the Ethereum ETF market stands at $6.81B. 

According to reports, Grayscale alone manages nearly $17 billion in Bitcoin ETFs.