Global investment management firm VanEck has officially established a statutory trust in Delaware for Binance's BNB (BNB) exchange-traded fund (ETF). This initiative represents the first effort to introduce a spot BNB ETF within the United States. If successful, it could provide institutional and retail investors with new opportunities to access the asset through a regulated investment vehicle.

The trust was registered on March 31 under the name \"VanEck BNB ETF\" with filing number 10148820, and the information was recorded on Delaware's official state website.

The proposed BNB ETF aims to track the price of BNB, which serves as the native cryptocurrency of the BNB Chain ecosystem, developed by cryptocurrency exchange Binance. According to the latest data, BNB holds the fifth-largest position in the cryptocurrency market by capitalization, currently valued at $87.1 billion. Despite its prominent market standing, both BNB's price and the broader cryptocurrency market have encountered certain challenges recently.

Over the past month, the value of the altcoin has decreased by 2.2%. At the time of writing, BNB was trading at $598, reflecting a 1.7% decline over the previous 24 hours, based on data from BeInCrypto. Although the trust filing has not yet triggered a price increase, the community remains hopeful regarding BNB's prospects, particularly with this new development.

This trust filing occurred shortly after VanEck made a comparable move for Avalanche (AVAX). On March 10, VanEck registered a trust for an AVAX-focused ETF. Following this, an S-1 registration statement was filed with the U.S. Securities and Exchange Commission (SEC). Considering this precedent, a similar S-1 filing for a BNB ETF may occur in the near future.

In the meantime, the industry has witnessed an increase in crypto fund applications submitted to the SEC since the appointment of a pro-crypto administration. In fact, a recent survey indicated that 71% of ETF investors are optimistic about cryptocurrencies and plan to boost their allocations to cryptocurrency ETFs over the next 12 months.

This rising interest in crypto ETFs could stimulate further demand for assets such as BNB, making the VanEck BNB ETF a potentially important product in the market.

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