Source: Cointelegraph Original: "{title}"
According to public records from the official website of Delaware, VanEck registered a new entity named VanEck BNB ETF in Delaware on Tuesday (March 31).
In the registration document numbered 10148820, the entity is registered as a trust company service organization in Delaware, suggesting that there may be plans for the U.S. to launch a BNB spot ETF.
VanEck BNB ETF trust registered in Delaware. Source: Delaware.gov
According to reports on social media, VanEck is the first company in the U.S. to propose a potential BNB ETF, which may indicate further expansion of the BNB chain (formerly known as Binance Chain) in the traditional financial product market.
While VanEck is the first company in the U.S. to advance a potential BNB ETF product, similar products have been traded in Europe for many years.
According to TradingView data, the well-known European crypto asset management company 21Shares launched a BNB exchange-traded product (ETP) in Switzerland as early as October 2019.
21Shares BNB ETP product details. Source: TradingView
TradingView data shows that as of March 28, the assets under management (AUM) of the 21Shares BNB ETP were only $15 million, accounting for 0.3% of Switzerland's total crypto asset management scale of $5.3 billion, as reported by Coinshares.
It has been reported that the product has seen a significant decline in capital flow over the past year, with a total outflow of €537 million (approximately $580 million).
BNB (formerly known as Binance Coin) is the native digital asset of the BNB chain. The BNB chain is now described as a "community-driven decentralized blockchain ecosystem focused on Web3 decentralized applications."
BNB was originally launched by Binance in July 2017 as an ERC-20 token on the Ethereum blockchain, aimed at incentivizing users to trade on its platform and pay fees at a discounted rate.
Top five cryptocurrencies by market capitalization. Source: CoinGecko
As of the time of writing, according to CoinGecko data, BNB is the fifth-largest cryptocurrency asset by market capitalization, with a total market value of approximately $88 billion.
VanEck's BNB ETF trust application is just one of many new altcoin ETF applications and registrations in the U.S. following Trump's inauguration as president in January.
In early March of this year, VanEck registered a similar trust in Delaware to track the price of Avalanche (AVAX) ETF, making it one of the first companies to register such a trust.
Additionally, several ETF issuers have submitted applications for a Ripple (XRP) ETF to the U.S. Securities and Exchange Commission (SEC). As of March 12, at least nine companies have submitted independent XRP ETF applications.
Related: Grayscale submits S-3 filing to launch digital large-cap ETF.
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