Grayscale and VanEck move closer to launching BNB ETF in the US
Grayscale and VanEck filed amendments to their S-1 registration statements for spot BNB exchange-traded funds (ETFs) on Friday. This move marks a significant step toward the official approval of the cryptocurrency asset in the US market. Grayscale updated its documents for the second time, while VanEck did so for the fifth time. This is reported by Cointelegraph.com .
S-1 forms are essential documents that ETF issuers must submit to the SEC. They detail the fund's structure, strategy, management fees, and potential risks. Bloomberg analyst James Seyffart believes these actions are being taken based on recommendations from the SEC, increasing the likelihood of a BNB ETF launch in the near future.
BNB is the world's fourth-largest cryptocurrency by market capitalization, valued at $87.4 billion. Despite this, it has not yet been listed as a spot ETF in the US, unlike assets such as Solana, Litecoin, and XRP. VanEck has proposed a 0.39% management fee for its VBNB fund, while Grayscale has not yet disclosed specific figures.
New standards introduced by the SEC in September have spurred an increase in altcoin ETFs. However, investor interest varies: for instance, the Bitwise Solana Staking ETF (BSOL) attracted $69.5 million on its first day, while the new Hyperliquid ETF raised only $1.2 million. Currently, the majority of capital remains concentrated in Bitcoin and Ethereum products.
