In a major initiative, Vaneck submitted to establish an Exchange-Traded Fund (ETF) that tracks the performance of BNB, the native token of Binance Smart Chain. The filing seeks to establish trust in Delaware prior to its formal filing with the Securities and Exchange Commission (SEC). The submission is currently in the pre-filing phase, but the possibility of future approvals could be the first in the US.
Vanek has already been established in the cryptocurrency ETF space with approved funds from Bitcoin and Ethereum, which began in early 2024. These successes reflect a growing institutional interest in digital currencies as investors seek alternatives to popular Bitcoin and Etherum. The BNB ETF could be another step towards wider adoption of Altcoins and thus enrich the entire ecosystem.
The announcement of the new BNB ETF initially did not trigger a significant price movement, but BNB remains stable at around $603, with SEC approvals potentially having a critical impact on BNB liquidity in the market. Experts suspect that ETF approval could lead to increased institutional benefits and thus new investments in the Binance ecosystem.
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