First U.S. Spot BNB ETF Goes Live as VanEck Launches VBNB

The first ’40 Act BNB ETF in the U.S. will launch today as asset manager VanEck debuts its VBNB fund. The Binance coin becomes the latest altcoin to have its own spot ETF, closely following the recent launch of the Hyperliquid ETFs.

VanEck’s BNB ETF Launches On The Nasdaq

In a press release, VanEck announced the launch of its VBNB fund, the first U.S. ETF to provide spot exposure to the BNB token, the native asset of the BNB network. The firm’s Senior Investment Analyst, Patrick Bush, noted that the network is one of the most actively used in the world, with 14 million daily transactions and over 2.5 million daily active users.

Bush added that the BNB token, which also has ties to the top crypto exchange Binance, has been one of the “most resilient” major cryptos during the recent market cycle, holding steady despite significant drawdowns in other layer-1 tokens. The BNB ETF joins a list of crypto ETFs that VanEck already offers.

The Crypto ETF issuer already offers Bitcoin, Ethereum, Solana, and Avalanche ETFs. The BNB fund launches on the Nasdaq under the ticker ‘VBNB,’ with a fee of 0.39%. Meanwhile, it is worth noting that asset manager Grayscale has also filed for a BNB fund and recently filed an amended S-1, signaling plans to launch soon.

VanEck’s Director, Digital Assets Product, Kyle DaCruz, noted that until today, BNB was notably one of the major crypto assets without a spot U.S. ETF. “We’re thrilled to be changing that with the launch of VBNB, giving U.S. investors exchange-traded access to one of the most economically significant networks in digital assets,” he added,

Binance Coin Down Amid ETF Launch

The Binance Coin is down amid the launch of the VanEck BNB ETF. The altcoin is currently trading at around $631, down over 2% today, according to TradingView data. The token is also down over 26% year-to-date (YTD).

BNB’s latest decline has come amid the crypto market crash triggered by the U.S.-Iran escalation. The U.S. and Iran carried out fresh attacks against one another, raising doubts about a potential peace deal.

Meanwhile, it is worth noting that BNB becomes the 11th altcoin to have its own spot ETF in the U.S. The token joins the likes of Ethereum, Solana, XRP, Avalanche, Litecoin, Polkadot, Hyperliquid, Hedera, Chainlink, and Dogecoin, which already have their spot funds.