Asset manager VanEck has launched the VanEck BNB ETF (VBNB), the first U.S. exchange-traded product offering direct spot exposure to BNB, the native token of the BNB Chain ecosystem. The shares began trading on Nasdaq on Thursday, physically backed by BNB tokens held in cold storage by Anchorage Digital Bank, a federally chartered crypto custody provider.
The ETF carries a sponsor fee of 0.39% and does not include staking at launch, after VanEck removed that feature from its proposal last November amid regulatory uncertainty. The firm first filed for the product in May 2025 and submitted an updated registration statement earlier this month, paralleling a similar move by Grayscale. Both filings now contain only conditional staking language, leaving immediate yield generation off the table.
BNB currently ranks as the fourth-largest cryptocurrency, with a market capitalization of approximately $88.3 billion. It traded around $655 at launch time, down 0.5% over 24 hours and roughly flat over the past year, a resilience that VanEck Senior Investment Analyst Patrick Bush highlighted. “BNB has been one of the most resilient major cryptocurrencies through the recent market cycle,” Bush said, noting the chain processes over 14 million transactions daily, supports more than 2.5 million daily active users, and holds over $16 billion in stablecoin supply plus $3.6 billion in real-world assets.
The listing places BNB alongside Bitcoin, Ethereum, Solana, XRP, and other altcoins that have already received U.S. spot ETF wrappers. VanEck’s other crypto ETFs include its Bitcoin ETF (HODL), Ethereum ETF (ETHV), Solana ETF (VSOL), and Avalanche ETF (VAVX). “Until today, BNB stood out among major crypto assets as one of the few not yet available in a U.S. spot ETP,” said VanEck Director of Digital Assets Product Kyle DaCruz. “We’re thrilled to be changing that.”
A U.S.-regulated ETF structure lowers the barrier for traditional investors who want exposure without managing private keys or navigating offshore exchanges. The debut also fuels momentum in the broadening altcoin ETF market, which analysts see as a signal of maturing regulatory acceptance. Specific details like the ticker (VBNB) and custodian were confirmed; the product’s fee undercuts some competing crypto ETFs, potentially attracting cost-conscious institutional and retail flows.
