VanEck, a prominent asset manager headquartered in New York, has made a first-ever attempt to launch a Binance Coin (BNB) ETF in the US following a major step.

The $115 billion asset manager registered a spot Binance Coin (BNB) with the CSC Delaware Trust Company on March 31, the agency’s official website discloses. With file number 10148820, VanEck registered the VanEck BNB ETF as a corporate trust fund.

Significantly, the registration marks the first attempt to list and trade a BNB spot exchange-traded fund (ETF) in the United States. Although there are investment funds offering corporate exposure to the fifth-largest cryptocurrency by market—like the 21Shares BNB ETP—these are not ETF products.

First Of Many Steps

It bears mentioning that registering with Delaware does not officially mean filing for a BNB spot ETF, and not all funds registered with the agency end up being filed with the US Securities and Exchange Commission. However, the enrollment marks interest in debuting an ETF and is the first of many steps in the process.

If launched, the investment product will track the performance of the Binance and BNB Chain’s utility token. Surprisingly, asset managers have shown little interest in launching a US BNB-focused ETF despite its fair share of the crypto market capitalization.

Notably, this may be due to the regulatory impediments Binance has faced in America, specifically with its brawls with the US SEC and Department of Justice (DoJ). However, with a clearer regulatory environment, VanEck has taken the initiative and made the first step in the filing process.

Meanwhile, the next step would an S-1 registration by VanEck and then a 19b-4 filing by an exchange on VanEck’s behalf. The former properly kicks off the approval process.

VanEck Registers Fifth ETF With Delaware

The Monday filing marks VanEck’s fifth standalone ETF registration with Delaware. For context, the prominent asset manager has notarized Bitcoin, Ethereum, Solana, and most recently, an Avalanche ETF with the prominent corporate and tax services provider.

Notably, the asset manager has filed all four earlier ETFs with the US SEC, and two have already gained regulatory approval. VanEck filed for the Solana ETF in June 2024 and the Avalanche ETF last month.