Vaneck files to launch first spot BNB ETF in the U.S.

VanEck has officially applied with the US Securities and Exchange Commission (SEC) to launch the first-ever spot BNB exchange-traded fund (ETF) in the US. It is expected to be listed on Nasdaq under the ticker VBNB.

If approved, VBNB will offer institutional and retail investors new access to the fifth-largest crypto coin by market cap, directly through traditional brokerage accounts. 

According to the amended S-1 registration statement filed with the SEC, the fund will maintain physical custody of BNB, avoiding cash-settled derivatives or futures contracts. 

VBNB investors will not be eligible to receive staking rewards immediately

The ETF is spot-based and aims to directly hold BNB tokens and track their price performance after deducting the trust’s operating expenses. The trust will evaluate its asset value daily based on the MarketVector BNB Index.

However, the ETF investors may not be eligible to receive staking rewards and additional income. Still, Vaneck has left an open chance. VanEck stated that if staking is conducted in the future, it will be done through a third-party staking service provider, and investors will be notified in advance. 

The trust is not regulated under the Investment Company Act of 1940 or the Commodity Futures Trading Commission (CFTC). Therefore, it carries higher investment risks, which may result in total loss. 

VanEck is a major global ETF provider and has a track record of pioneering crypto-based investment vehicles. As reported by Cryptopolitan, the firm already operates several spot and futures-based crypto ETFs, including those tracking Bitcoin, Ethereum, and Solana in the US and Europe.

This filing lands just as NYSE Arca approved DOGE and XRP spot ETFs. Both began trading on Monday. Altcoin ETFs are clearly moving into the mainstream. Now all eyes turn to the SEC’s next move and whether VBNB becomes the ETF that finally brings BNB into the US institutional spotlight.

US spot altcoin exchange-traded funds record daily inflows

US spot altcoin exchange-traded funds continue to see daily inflows amid a broader crypto market selloff that has pushed overall sentiment into fearful territory.

Spot Solana ETFs have attracted $843.81 million in total net assets since their launch, noting $57.99 million in inflows on Monday.  Bitwise’s BSOL led the day with $39.5 million, marking its third-largest daily inflow since going live and the most impressive since November 3.

Similarly, spot XRP ETFs have raised $628.82 million, attracting a whopping $164.04 million in inflows on the same day. Both Grayscale and Franklin Templeton ETF products pulled over $60 million each.

On the other side, Grayscale launched the first spot Dogecoin ETF (GDOG) . Its opening day saw zero net flows, though trading volume hit $1.41 million. Now, markets are closely watching to see whether DOGE can achieve the same level of consistency as Solana or XRP. Meanwhile, Bloomberg senior analyst Eric Balchunas suggested that trading volume for the DOGE-based fund could reach $11m.

The US spot Bitcoin ETFs experienced net outflows of $151.1 million on Monday. Spot Ethereum ETFs attracted net inflows of $96.6 million, but still underperformed against the XRP ETFs.

BNB steadies on Tuesday alongside other crypto coins

BNB has seen a small surge in the last 24 Hours. According to on-chain data, the coin is up 0.86%, shifting position to a new trend line in a fresh rally in the crypto market on Tuesday.

Top crypto coins performance. Source: Coinmarketcap

This has also been reflected in the other top coins, which seem to be steady if not gaining. BTC is steady at 0.39% decline, Ethereum is up 2.9%, XRP is  up 2,7%, and Solana is also up 2.4%. These gains have developed amidst US Fed rate cut expectations, a new catalyst to drive sharp bargain hunting.

According to data, the global market value of all cryptocurrencies is struggling to hold at $3 trillion. Meanwhile, BNB is trading at approximately $855.71.

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