VanEck Debuts First US Spot BNB ETF on Nasdaq Under Ticker VBNB

Asset manager VanEck launched the VanEck BNB ETF on Nasdaq Thursday under the ticker VBNB, the first US-listed spot exchange-traded fund offering direct exposure to BNB, the native token of the BNB Chain ecosystem. The fund holds BNB in cold storage through custodian Anchorage Digital Bank, carries a 0.39% sponsor fee, and is structured under Nasdaq Rule 5711(d), which permits the listing and trading of commodity-based trust shares under Nasdaq‘s generic listing standards.

The ETF gives investors exposure to BNB through traditional brokerage accounts without requiring them to buy or store the token directly. VanEck filed Amendment No. 5 to its Form S-1 with the SEC on May 15, with the Form 8-A12B registration filed on May 22 and the certification confirmed on May 27. The prospectus is registered under SEC File No. 333-286959.

This story is an excerpt from the Unchained Daily newsletter.

The launch extends the rapid expansion of single-asset spot crypto ETFs beyond bitcoin and ether. Bitwise‘s BHYP and 21Shares‘ THYP, both Hyperliquid spot ETFs, launched May 14 and 15 respectively, and have attracted over $100 million in cumulative inflows in two weeks. Grayscale also filed for its own HYPE ETF under the proposed ticker GHYP and is reportedly negotiating a $115 million seed investment in HYPE. Spot ETFs covering XRP, DOGE, and SOL have all launched within the past year.

The fundamentals for BNB Chain underscore why VanEck is pursuing the listing. The network processes more than 14 million daily transactions, holds over $16 billion in stablecoins, and supports approximately $3.6 billion in tokenized real-world assets, according to VanEck. BNB is the third-largest non-stablecoin cryptocurrency by market capitalization. The chain’s high transaction throughput and stablecoin penetration make it a meaningful onchain venue for retail-facing payments and DeFi activity, particularly outside the United States.

The launch comes amid mixed institutional flows. Spot Bitcoin ETFs shed roughly $2.26 billion over the past two weeks in their worst stretch since January, while HYPE ETFs have absorbed capital faster than any prior crypto ETF debut. VBNB enters a market that has demonstrated willingness to allocate to single-asset crypto products but is increasingly selective about which ones earn flows.