VanEck filed for a Spot BNB ETF, the first attempt to create an exchange-traded fund based on this token. The wave of altcoin ETF applications is intensifying, spurring optimism across the industry.
At present, it’s difficult to assess how likely the SEC is to approve this filing. In a recent conference, Changpeng “CZ” Zhao theorized that this market cycle is currently focused on the Bitcoin ETF but that altcoin offerings will grow in prominence.
The First BNB ETF
Compared to the long fight for a Bitcoin ETF, the floodgates are open right now. Two weeks ago, there were over 70 active altcoin ETF filings, and the market is overwhelmingly confident that several of them will win approval.
In this environment, CZ announced VanEck’s filing for a BNB spot ETF:
VanEck first laid the groundwork for a BNB ETF a little over a month ago, registering a relevant statutory trust in Delaware. This is a standard practice for new crypto ETFs; VanEck did the same thing in March for its attempt at an AVAX ETF.
At present, it’s difficult to assess how likely approval is, but BNB is one of the largest cryptoassets. That might give it an advantage.
Binance even considering a US-based ETF shows how far BNB has come lately. In 2023, US exchanges began reconsidering BNB listings due to Binance’s legal troubles.
However, major exchanges like Kraken are starting to list it again. BNB has some forward momentum; its price was already rising today several hours before this announcement took place.
ETF analyst Eric Balchunas noted that CZ and Jan Van Eck both recently attended Token2049, although they did not appear on the same panel. Although CZ has been known to conduct negotiations at industry conferences, there’s no evidence that he and Van Eck met directly. Still, Balchunas said that some of CZ’s comments may reflect his attitudes on the BNB ETF:
“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,” Balchunas quoted from CZ’s conference appearances.
For now, it’s difficult to speculate much further about the BNB ETF. There has been a huge wave of altcoin ETF applications, but the SEC might not make a decision on many until October. The Commission’s attitudes towards these other products could give insight into BNB’s chances, but its own turn won’t come for a while.
The post VanEck Files for the First-Ever Spot BNB ETF in the US appeared first on BeInCrypto.