Investment giant VanEck has filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot Binance Coin (BNB) ETF, named VBNB. This proposed fund would be listed on Nasdaq and hold BNB tokens directly, providing traditional investors with regulated access to one of the largest cryptocurrencies by market cap.
The filing comes amid growing institutional interest in cryptocurrency ETFs, following the SEC’s recent approvals of spot Bitcoin ETFs and the anticipated greenlight for spot Ethereum ETFs. VanEck’s move positions it at the forefront of expanding crypto offerings into mainstream financial markets.
What Makes a Spot BNB ETF Significant?
Unlike futures-based ETFs, a spot ETF invests directly in the asset—in this case, Binance Coin (BNB). This means the fund would buy and hold actual BNB tokens, offering a more accurate reflection of the asset’s market price. For investors, it provides a familiar structure to gain exposure to BNB without needing to manage wallets or exchanges.
BNB is central to the Binance ecosystem, used for trading fee discounts, token launches, and more. A spot BNB ETF could increase demand for BNB and enhance its legitimacy in the eyes of institutional investors.
UPDATE: SEC filings show VanEck has filed for a spot $BNB ETF, VBNB, to list on Nasdaq and hold $BNB directly. pic.twitter.com/mZjfyGdtH6
— Cointelegraph (@Cointelegraph) November 25, 2025
Regulatory Hurdles and Market Implications
The SEC has historically been cautious with crypto ETFs, especially those linked to altcoins like BNB. Regulatory concerns around Binance itself and the security of crypto custody could present challenges to approval. However, VanEck’s reputation and previous filings suggest a strong case may be made.
If approved, VBNB would become the first U.S.-listed ETF to provide direct exposure to BNB, signaling continued integration of digital assets into traditional finance. It could also pave the way for other altcoin-based ETFs in the future.