Asset manager VanEck launched the VanEck BNB ETF (VBNB) on Thursday, the first exchange-traded product in the U.S. designed to provide spot exposure to the price movements of BNB.
VanEck was the first to file for a BNB ETF in May 2025 and submitted its latest amendment earlier this month alongside an updated registration statement from fellow asset manager Grayscale, which is also seeking approval for its own spot BNB ETF.
Both filings continue to exclude staking at launch, a feature VanEck stripped from its proposal last November amid lingering U.S. regulatory uncertainty, though the proposals contain conditional staking language.
Shares of VBNB are physically backed by BNB held in cold storage with Anchorage Digital Bank, according to the fund's prospectus, and carry a sponsor fee of 0.39%.
BNB is the fourth-largest cryptocurrency globally, with a market capitalization of around $88.3 billion, according to The Block's prices page, and is the native asset of the BNB Chain ecosystem originally incubated by Binance.
