Spot BNB ETF to Take Flight: VanEck Moves Ahead with Delaware Filing

Global investment management company VanEck has formally filed a statutory trust in Delaware for Binance's BNB (BNBUSD) exchange-traded fund (ETF).

The filing is the first step towards the launch of a spot BNB ETF in the United States, which could unlock institutional and retail investment potential through an approved investment vehicle.

VanEck Pushes Ahead with BNB ETF Plans

The trust was formally registered on March 31 as "VanEck BNB ETF" with filing number 10148820, filed on Delaware's official state website.

VanEck BNB ETF Filing Details

The indicated BNB ETF would follow the price of BNB, the native token of the BNB Chain ecosystem, that was created by Binance.

As of the most recent information, BNB is the fifth-largest cryptocurrency by market capitalization, at $87.1 billion. But both BNB's price and the overall cryptocurrency market have seen downward pressure recently.

In the last month, BNB's price has declined 2.2%. At the time of writing, BNB is valued at $598, down by 1.7% over the last 24 hours, as per BeInCrypto.

BNB Price Performance and Market Sentiment

Although the filing of the BNB ETF trust has yet to spark a price rally, the crypto community expects its long-term effects to be positive.

It comes on the heels of the recent VanEck filing of an Avalanche (AVAX) ETF on March 10 followed by a speedy S-1 registration with the SEC. Pundits see a similar S-1 filing for the BNB ETF soon.

A significant move towards bringing BNB to US institutional investors!" said one market analyst.

Crypto ETF Market Picking Up Steam

The increase in crypto ETF applications comes on the heels of the election of a pro-crypto government, which has made investors more confident.

A survey recently conducted found that 71% of ETF investors are optimistic about crypto and intend to add more to cryptocurrency ETFs within the next 12 months.

"Three-quarters of allocators anticipate growing their investment in cryptocurrency-themed ETFs in the next year, with demand strongest in Asia (80%) and the US (76%), versus Europe (59%), the survey discovered."

With demand for crypto ETFs growing, VanEck's BNB ETF may emerge as a major force in the market, offering institutional investors a regulated route to gain exposure to BNB.

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