VanEck has listed the first US spot BNB ETF on Nasdaq under the ticker VBNB. As a result, BNB, the fourth-largest cryptocurrency by market capitalization, gains its first regulated US spot vehicle.
BNB is originally the native token of the BNB Chain. Specifically, the crypto exchange Binance launched the Layer-1. Today, it positions itself as a community blockchain for DeFi and Web3 applications. Furthermore, the asset ranks fourth among the largest cryptocurrencies, with a market capitalization of around 88 billion USD. VanEck filed the initial S-1 back in May 2025. Therefore, the asset manager was the first applicant for any US spot product on BNB. Five amendments followed before the launch. Originally, the filing included staking provisions, which the issuer removed in late 2025. The reason was regulatory uncertainty. At the time of listing, BNB trades at around 655 USD. Moreover, the sponsor fee stands at 0.39%. In addition, Anchorage Digital Bank handles physical custody.
VanEck closes the last gap in the US spot crypto ETF market
With VBNB, a catch-up race ends. The race began in January 2024 with the approval of the first US spot Bitcoin ETFs. Later, in May 2024, the Ethereum counterparts followed. Subsequently, the SEC gradually expanded the circle to include Solana, XRP, Litecoin, Avalanche, Dogecoin, Chainlink, Polkadot, HBAR, and Hyperliquid. BNB was most recently the only top-5 asset without a regulated US spot vehicle. Consequently, the launch closes a long-standing gap in the institutional product lineup.
For VanEck, VBNB also joins a growing crypto portfolio. The issuer already runs HODL for Bitcoin and ETHV for Ethereum. Added to this are VSOL for Solana, launched in late 2025, and VAVX for Avalanche. In total, the firm manages more than 5.2 billion USD in digital asset solutions. In Europe, it additionally operates 29 further crypto ETPs. To gauge the market potential, the established vehicles offer a useful benchmark. The US spot Bitcoin ETFs together hold around 86.45 billion USD. The Ethereum counterparts, by comparison, reach around 11.60 billion USD. Therefore, VBNB operates in a market whose volume potential investors must measure against these benchmarks.
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Physical custody, 0.39% fee, and no staking at launch
VBNB is physically backed and holds BNB directly. Anchorage Digital Bank N.A., based in Sioux Falls, South Dakota, handles custody. Storage takes place exclusively in cold storage. Moreover, the sponsor fee stands at 0.39% and thus sits within the usual range of more recent US spot altcoin ETFs.
On staking, VanEck took a cautious approach. The original S-1 from May 2025 initially included staking provisions. However, the asset manager removed them from the prospectus in late 2025. Nevertheless, the final prospectus keeps a backdoor open. Specifically, the sponsor can introduce staking via third-party providers at its own discretion. Such a move would reach the market via a prospectus supplement or an SEC 8-K filing. Consequently, staking remains optional and tied to regulatory developments.
The fee contrast with the predecessor VSOL is notable. For the Solana ETF in the previous year, the issuer waived sponsor fees entirely. Specifically, the waiver applied up to an AUM of 1 billion USD. The fee waiver thus served as an aggressive acquisition tool for early inflows. By contrast, the company has not communicated a comparable strategy for the BNB ETF. As a result, VBNB starts from day one with the full fee.
"BNB was one of the few large crypto assets without a US spot ETP. We have now changed that." - Kyle DaCruz, Director of Digital Assets Product, VanEck
BNB Chain as the foundation for institutional demand
Behind the asset stands a network with substantial usage activity. The BNB Chain processes more than 14 million transactions daily and counts more than 2.5 million daily active users. Furthermore, the stablecoin supply on the network exceeds 16 billion USD. As a result, the chain ranks among the largest settlement layers for USD-pegged tokens. At the same time, the network ran in 2025 without downtime. The peak reached up to 31 million transactions per day, with block times of 0.45 seconds.
The tokenized real-world assets segment is also developing dynamically. Real-world assets on the BNB Chain currently stand at 3.6 billion USD. Notably, the RWA TVL grew by more than 1 billion USD in the first quarter of 2026 alone. The segment reached an all-time high at the time of 3.5 billion USD. The total DeFi TVL of the chain adds up to around 5.6 billion USD. Furthermore, the technical roadmap for 2026 targets 20,000 transactions per second and sub-second finality. VanEck's Senior Investment Analyst Patrick Bush cites precisely these metrics. Specifically, he argues that BNB represents a compelling asset for institutional investors.
VanEck beats Grayscale as first lister of the BNB ETF
In the race for the first US spot BNB ETF, VanEck was clearly ahead on timing. The asset manager filed the initial S-1 on May 6, 2025. As a result, it was the first applicant to place a regulated US BNB vehicle on the SEC's desk. Grayscale followed only around eight months later with its own application for the Grayscale BNB ETF (GBNB). In total, VanEck worked through five amendments before launch. Notably, the timing of the most recent updates stands out. Both VanEck and Grayscale filed revised submissions in parallel on May 18, 2026. Observers read this as a typical pattern for coordinated SEC feedback to multiple applicants.
James Seyffart of Bloomberg Intelligence had commented after this parallel step. Specifically, he noted that the updates pointed to concrete SEC feedback and a near-term launch. With VBNB, this assessment has now found confirmation. Grayscale's GBNB, however, remains pending. In addition, the issuer has not yet communicated a sponsor fee for its product. Consequently, the competitor lacks the decisive differentiating lever in the contest for institutional inflows. Therefore, VanEck prevails not only as first filer but also as first lister. Finally, the asset manager secures the first-mover advantage in a market segment whose institutional volume has yet to develop.
