VanEck registers entity for potential first BNB ETF in US, Delaware filing suggests

Fund manager VanEck appears to have registered a trust company for launching a potential BNB exchange-traded fund, Delaware's official registration portal suggests. 

According to the official website of Delaware, the entity, named VanEck BNB ETF, became effective with the state's Division of Corporations on March 31. Establishing a trust is a preliminary step in the ETF launch process, preceding a formal application to the Securities and Exchange Commission.

If fully approved, it would become the first ETF in the U.S. to track BNB, the fourth-largest non-stablecoin cryptocurrency by market capitalization. Outside the U.S., 21Shares manages the 21Shares Binance BNB ETP, which is listed on several exchanges across Europe.

On March 14, VanEck submitted its S-1 registration statement for its Avalanche ETF after registering the ETF in Delaware a week earlier. The fund manager filed for a spot Solana ETF last June, which was acknowledged by the SEC in February.

The Block has reached out to VanEck for confirmation on the BNB ETF registration as there have been bogus filings in the past. In November 2023, an unidentified individual registered "iShares XRP Trust" as a new entity under asset manager Blackrock, which was later proven to be fake.

Meanwhile, BNB traded down 1.51% in the past 24 hours, currently changing hands at $599.78, according to The Block's BNB price page.