VanEck filed for a Spot BNB ETF in the United States on May 5, 2025. This is the first attempt to create a U.S.-based exchange-traded fund tied to Binance Coin (BNB), the native token of the Binance blockchain. The filing arrives during a surge of altcoin ETF applications, with over 70 submissions now under SEC review.
VanEck completed the required Delaware statutory trust setup ahead of the filing. This legal structure was also used in VanEck’s March 2025 attempt for an AVAX ETF. It follows the standard ETF application process but does not affect the outcome.
As of now, the U.S. Securities and Exchange Commission has not issued any response to the VanEck BNB ETF filing.
VanEck BNB ETF Filing Highlights Binance Token’s Market Role
BNB’s inclusion in a formal SEC filing shows a shift in U.S. market perception. In 2023, major platforms such as Coinbase and Kraken delisted Binance Coin due to regulatory pressure on Binance. At the time, Binance faced legal actions from U.S. authorities, which affected token availability across exchanges.
In 2025, some platforms have begun relisting BNB. Kraken is among those that resumed support. The token’s market presence has grown again. Before VanEck’s filing, BNB’s price began rising on May 5, suggesting market interest in the token increased ahead of the official news. No direct link between the price activity and the filing has been confirmed.
The VanEck BNB ETF filing also shows Binance Coin’s current market standing as one of the top-valued digital assets by market capitalization.
ETF Analyst Tracks BNB ETF Activity After Token2049
Eric Balchunas, an ETF analyst, commented on the timing of the VanEck BNB ETF filing. He pointed out that Jan Van Eck and Binance founder CZ Zhao both attended Token2049, a blockchain conference. Although they did not appear together publicly, their presence at the same event drew attention to BNB-related developments.
Balchunas cited CZ Zhao’s remarks from Token2049:
“This cycle so far has been the ETFs. And it’s almost all Bitcoin. Ether hasn’t had as much success, but Bitcoin success will spill over to the others eventually. It takes time, though. I think we are still early.”
This quote was delivered publicly and reflects how Binance views the progression of crypto ETFs in the U.S. regulatory environment.
Decision Timeline Remains Unclear
Notably, the SEC has not provided a schedule for reviewing the VanEck BNB ETF application. However, based on earlier ETF decisions, analysts expect delays. Most altcoin ETF filings currently remain pending, with decisions likely pushed to October 2025.
Certainly, BNB joins a growing list of tokens being considered for ETF status. Other pending altcoin ETFs include applications tied to Solana (SOL), XRP, and Cardano (ADA). The SEC’s approach to these filings could impact BNB’s case, though no official statements have been released.
Above all, the Spot BNB ETF filing by VanEck adds to a crowded space where asset managers are testing the SEC’s openness to cryptocurrency-based financial products.
