VanEck debuts first U.S. spot BNB ETF on Nasdaq

VanEck launched VBNB, the first U.S. spot BNB exchange-traded fund, on the Nasdaq on May 28. The fund began trading under the ticker VBNB with $1.02 million in initial net assets and is available through standard U.S. brokerage accounts. Anchorage Digital Bank is named in the prospectus as the custodian for the fund’s BNB holdings, which the filing says will be kept in cold storage.

VBNB is physically backed, meaning the ETF holds actual BNB tokens rather than using derivatives. The prospectus describes a structure that lets investors track BNB’s price without managing private keys or using overseas cryptocurrency platforms. Anchorage Digital Bank is identified as a federally chartered digital asset bank in the filing.

At launch the fund will not distribute staking rewards. The prospectus reserves VanEck’s right to stake a portion of the trust’s holdings through third-party providers at a later date if doing so does not create undue legal or tax risks. If staking is later activated, the trust would receive network staking rewards and incorporate a yield component into the fund.

Patrick Bush, senior investment analyst at VanEck, called BNB “one of the most resilient major cryptocurrencies through the recent market cycle.” Kyle DaCruz, director of digital assets product at VanEck, noted that “until today, BNB stood out among major crypto assets as one of the few not yet available in a U.S. spot ETP.”

Changpeng Zhao posted on X: “The first BNB spot ETP. Slowly but surely.” BNB’s market price fell modestly in the hours after trading began, slipping below $634 as broader market and macroeconomic pressures affected crypto prices.

The BNB Chain currently has more than $16 billion in stablecoins circulating on the network. The SEC-registered fund lets investors gain regulated exposure to that ecosystem through regular brokerage accounts.

VBNB joins a wider expansion of spot crypto ETFs on U.S. exchanges over the past year. VanEck’s prospectus and custody arrangements emphasize cold storage custody and disclosure around potential future staking activity as part of aligning the product with U.S. investment infrastructure.