VanEck is setting the stage for the first-ever Binance Coin (BNB) exchange-traded fund (ETF) in the U.S., filing to establish a trust in Delaware on March 31. This initial step typically precedes a formal application with the SEC and marks VanEck’s latest push to broaden its digital asset offerings.

While global markets already offer BNB-related products like the 21Shares Binance BNB ETP, the proposed VanEck BNB ETF would be the first of its kind in the U.S. Despite the announcement, BNB’s market performance hasn’t reflected the news yet, with the token down 2% over the past 24 hours and more than 5% for the week, currently trading around $598.

VanEck has been active in the crypto ETF space since 2017, beginning with Bitcoin futures and expanding to spot ETFs for Bitcoin (HODL) and Ethereum (ETHV) in 2024. The firm also filed for a Solana (SOL) ETF, with a decision due in October 2025, and more recently, an Avalanche (AVAX) ETF, expected to be reviewed by November 2025.