VanEck Applies to Establish Trust Entity for BNB ETF
According to a report by Crypto Briefing, the American asset management company VanEck has applied to establish a trust entity in Delaware in preparation for its proposed BNB Exchange-Traded Fund (ETF). This move represents a step in the ETF issuance process prior to formally submitting an application to the U.S. Securities and Exchange Commission (SEC).
According to public information on the Delaware state website, the company, which manages nearly $115 billion in client assets globally, registered a statutory trust named “VanEck BNB ETF” on March 31. This application marks the institution’s first attempt to launch a BNB ETF in the U.S. market. Although products like the 21Shares Binance BNB ETP already exist, they are not domestic U.S. ETFs.
Following the approval of Bitcoin spot ETFs and Ethereum spot ETFs for trading last year, companies including Grayscale, Fidelity, Franklin Templeton, Bitwise, 21Shares, and Canary Capital are seeking SEC approval for multiple different types of cryptocurrency ETFs, including those tracking the prices of tokens such as XRP, SOL, DOGE, ADA, SUI, HBAR, DOT, LTC, APT, AXL, and AVAX.
