VanEck, an ETF and mutual fund manager, has filed a spot BNB ETF. This is the first-of-its-kind exchange traded fund (ETF) to be filed in the United States. The move also comes amidst heightened competition for altcoin ETF approval by the pro-crypto Securities and Exchange Commission (SEC). 

Just a few weeks ago, Bloomberg reported that there are more than seventy different applications for altcoin ETFs. Hence, the recent filing for a BNB-based spot ETF by VanEck demonstrates the increasing interest around BNB. The move has since sparked optimism across BNB holders resulting in a small spike in the price of BNB. 

VanEck’s First-ever Spot BNB ETF in the U.S.

In a rather secret filing, asset management firm VanEck recently submitted a S-1 document to the U.S SEC for the application of a spot BNB ETF. This form was submitted under the VanEck BNB Trust, a statutory trust formed in Delaware. The trust structure mirrors previous VanEck filings, such as its March application for an AVAX ETF. 

While the application happened on May 2, it was not until May 5. 2025, that Eric Balchunas – senior ETF analyst at Bloomberg, reported the filing.

VanEck just filed for a spot BNB ETF pic.twitter.com/yOanuNMyjp

— Eric Balchunas (@EricBalchunas) May 5, 2025

BNB is the fourth-largest non-stablecoin cryptocurrency by market capitalization, according to CoinMarketCap. Despite having faced legal battles in the past, Binance coin has managed to attract more investors in recent times. 

Furthermore, the filing by VanEck marks the first time a U.S. asset management firm has formally applied for a BNB ETF. The product, if approved, will offer direct exposure to BNB via spot market holdings. This is different from futures ETFs, which track contracts instead of holding the asset. Additionally, the product will allow for BNB in the trust to be used for earning staking rewards, additional BNB, or other income. 

BNB Price Shows Strength Before ETF Announcement

Following the announcement for VanEck’s spot BNB ETF, the price of BNB has reacted, although not significantly. As of the time of writing, Coinmarketcap data shows that the Binance coin is trading at $598.62. This level depicted a slight 1.74% surge on the day. 

This uptick comes during a period of overall optimism for crypto ETFs. Bitcoin ETFs approved in early 2024 brought record inflows. As of press time, spot Bitcoin ETFs held over $113.15 billion in total net assets, based on data from SosoValue.

Binance’s efforts to re-establish its credibility may also support the case for BNB. The ETF proposal demonstrates growing institutional involvement in BNB. 

Altcoin ETF Applications on the Rise

Bloomberg ETF analyst Eric Balchunas reported earlier that more than 72 altcoin ETF applications exist at the moment. These include products based on AVAX, SOL, XRP, and LINK, among others. Balchunas reported that VanEck’s BNB filing aligns with this broader trend.

The SEC’s current review process may delay decisions on these ETFs until October. No firm timeline has been offered for individual tokens, including BNB. However, the recent success of Bitcoin ETFs has created momentum for other digital assets.

Balchunas also noted that VanEck’s CEO, Jan Van Eck, and Binance co-founder CZ were both present at Token2049. However, there is no confirmation that the two met during the event.

“It’s almost all Bitcoin. Ether hasn’t had as much success, but Bitcoin success will spill over to the others eventually,” CZ noted in his Token2049 appearance, as per Balchunas. 

SEC’s Response and What Comes Next for BNB ETF

The SEC has not issued a response to VanEck’s BNB ETF filing. Analysts say that the approval process will likely take several months. The commission’s view on other altcoin ETF filings may provide insight into BNB’s future chances.

Historically, the SEC has cited concerns about market manipulation and lack of surveillance agreements in crypto markets. But, with pro-crypto Paul Atkins serving as the SEC chair, there is optimism across altcoin ETFs, including the BNB ETF. 

However, to move forward the agency has to prove establishment of robust custody, valuation, and compliance frameworks. Market participants will keep a watch on any developments into the VanEck spot BNB ETF as it could influence the price of Binance coin.