Asset supervisor VanEck has requested US regulators for permission to checklist an exchange-traded fund (ETF) holding BNB, the native token of Binance’s BNB Chain, regulatory filings present.
The ETF is designed to build up spot BNB (BNB) tokens and “might, once in a while, stake a portion of the [fund’s] property by means of a number of trusted staking suppliers,” according to the ETF’s S-1 prospectus. The submitting marks the primary time an asset supervisor has filed for a BNB ETF in america.
The BNB token has a market capitalization of roughly $84 billion, in response to data from CoinMarketCap. As of Might 5, BNB stakers earn a yield of roughly 2.5%, in response to data from Stakingrewards.com.
Binance’s BNB Chain is among the many hottest good contract networks, with a complete worth locked (TVL) of almost $6 billion, in response to data from DefiLlama.
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Bitcoin’s “spillover” impact?
The submitting comes days after Binance co-founder Changpeng “CZ” Zhao reportedly mentioned he expects the recognition of Bitcoin (BTC) ETFs to ultimately “spill over” into altcoins.
“This cycle thus far has been the ETFs. And it’s virtually all Bitcoin. Ether hasn’t had as a lot success however Bitcoin success will spill over to the others ultimately,” CZ reportedly mentioned in the course of the Token2049 convention in Dubai.
Spot Bitcoin ETFs attracted web inflows of greater than $40 billion since launching in January of 2024, according to knowledge from Farside Traders.
VanEck’s submitting is the latest in a flurry of filings looking for to checklist ETFs holding altcoins.
The US Securities and Change Fee (SEC) has acknowledged dozens of cryptocurrency ETF proposals since US President Donald Trump took workplace on Jan. 20.
They embody plans for ETFs holding native layer-1 tokens similar to Solana (SOL) in addition to memecoins similar to Dogecoin (DOGE).
VanEck has filed to checklist different cryptocurrency ETFs over the previous few months, together with funds holding Solana and Avalanche (AVAX).
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