VanEck has submitted a request to US regulators to list the first-ever exchange-traded fund (ETF) that will hold BNB, the native token of Binance's BNB Chain. This marks a significant milestone as it is the first attempt to launch a BNB ETF in the United States. The proposed ETF aims to accumulate spot BNB tokens and may periodically stake a portion of these tokens. As of now, the BNB token has a market cap of approximately $84 billion, with current staking yields around 2.5%. Binance's BNB Chain is a leading smart contract platform, boasting nearly $6 billion in total value locked (TVL). The application follows comments from Binance co-founder Changpeng Zhao, who noted that the success of Bitcoin ETFs might eventually influence the popularity of altcoin ETFs. The US Securities and Exchange Commission (SEC) has observed numerous cryptocurrency ETF proposals since the beginning of 2024, from various asset managers, including those targeting tokens like Solana and Avalanche.

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