In a major initiative, VanEck has filed to establish an exchange-traded fund (ETF) that would track the performance of BNB, the native token of Binance Smart Chain. The filing seeks to establish a trust in Delaware ahead of a formal filing with the U.S. Securities and Exchange Commission (SEC). The filing is currently in the pre-filing stage, but the potential upcoming approval could be the first of its kind in the United States.
VanEck has already established itself in the cryptocurrency ETF space, notably with approved funds for Bitcoin and Ethereum, which launched in early 2024. These successes reflect growing institutional interest in digital currencies as investors seek alternatives to the popular Bitcoin and Ethereum. A BNB ETF could be another step toward wider adoption of altcoins and thus have the potential to enrich the entire ecosystem.
While the announcement of the new BNB ETF did not initially cause significant price movements, with BNB remaining stable at around $603, the SEC approval could have a decisive impact on BNB liquidity in the market. Experts suspect that the ETF approval could lead to increased institutional interest and, therefore, new investments in the Binance ecosystem.
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