VanEck just became the first asset manager to bring a spot BNB ETF to the US market. The fund, ticker VBNB, started trading on Nasdaq on May 28, and it’s making a pitch that most crypto ETFs haven’t bothered with: that the underlying token actually does things beyond sitting in a wallet and appreciating.
What VBNB actually looks like
The ETF provides direct exposure to BNB tokens held in cold storage by Anchorage Digital Bank, a qualified custodian. It launched with approximately $2 million in assets under management and traded in a range between $21 and $23 out of the gate.
The expense ratio sits at 0.39%. VanEck originally filed the S-1 for VBNB on May 2, 2025, and the document went through multiple amendments before regulators gave it the green light over a year later.
One notable absence: staking. VanEck excluded staking from the initial structure due to regulatory sensitivities, though the firm has highlighted staking potential in supplementary materials, leaving the door open for a future amendment.
