VanEck eyes BNB ( $0.00 ) ETF with latest Delaware trust filing

Investment company VanEck filed to register a Delaware trust company for an exchange-traded fund (ETF) tracking Binance-linked BNB ( $0.00 ) cryptocurrency.

VanEck, on March 31, registered a new entity under the name VanEck BNB ( $0.00 ) ETF in Delaware, according to public records on the official Delaware state website.

In filing 10148820, the entity is registered as a trust corporate service company in Delaware, hinting at a potential spot BNB ( $0.00 ) ( BNB ( $0.00 ) ) ETF in the United States.

According to social media reports, VanEck is the first company to propose a potential BNB ( $0.00 ) ETF in the US, potentially signaling an expansion of BNB ( $0.00 ) Chain — formerly known as Binance Chain — across traditional financial products in the market.

BNB ( $0.00 ) ETP product already exists in Europe

While VanEck is the first to move toward a potential BNB ( $0.00 ) ETF product in the US, similar products have been trading in Europe for several years.

Prominent European crypto asset manager 21Shares launched a BNB ( $0.00 ) exchange-traded product (ETP) in Switzerland in October 2019, according to TradingView.

TradingView data suggests that 21Shares BNB ( $0.00 ) ETP has only $15 million in assets under management (AUM), a 0.3% share of Switzerland’s total crypto AUM of $5.3 billion as of March 28, as reported by CoinShares.

Related: Grayscale files S-3 for Digital Large Cap ETF

The product reportedly saw a significant drop in fund flows in the past year, totaling 537 million euros, or $580 million.

What is BNB ( $0.00 ) ?

Formerly known as Binance Coin, BNB ( $0.00 ) is the native digital asset of the BNB ( $0.00 ) Chain, which is now described as a “community-driven and decentralized blockchain ecosystem for Web3 decentralized applications.”

BNB ( $0.00 ) was launched by Binance in July 2017 as an ERC-20 token on the Ethereum ( $2,299.58 ) blockchain as a tool to incentivize users to trade on their platform and pay for fees at a discounted rate.

At the time of writing, BNB ( $0.00 ) is the fifth-largest cryptocurrency asset by market capitalization, worth about $88 billion, according to CoinGecko.

Altcoin filings surge with Trump administration

VanEck’s BNB ( $0.00 ) ETF trust filing is just one of many new US altcoin ETF filings and registrations that have followed Donald Trump’s presidential inauguration in January.

In early March, VanEck registered a similar Delaware trust for an ETF tracking the price of Avalanche (AVAX), also becoming one of the first companies to register such a trust.