VanEck Files Application with SEC to Launch a BNB ETF

VanEck has filed for approval to launch an exchange-traded fund (ETF) tracking the spot price of the BNB token, as per a filing with the US Securities and Exchange Commission on Monday.

The S-1 registration statement outlines a fund that provides investors exposure to Binance Coin without requiring direct ownership of the asset.

This application represents the first indication from an investment firm of plans to introduce a BNB ETF in the US.

BNB is the native token of Binance, the largest centralized cryptocurrency exchange by daily trading volumes, according to CoinGecko. It is used across the Binance ecosystem for discounts on transaction and trading fees, interacting with decentralized applications, and paying for goods and services, among other uses.