VanEck filed an amended registration statement with the U.S. Securities and Exchange Commission on Nov. 21, advancing its proposed BNB exchange-traded fund toward a Nasdaq listing. The filing represents the second amendment to the firm's Form S-1 for a product designed to track BNB price performance.
What Happened: Amended Filing
VanEck Digital Assets submitted Amendment No. 2 to its Form S-1, seeking to register shares of the VanEck BNB ETF for trading under the ticker VBNB. The filing states the fund "is an exchange-traded fund that issues common shares of beneficial interest that are expected to be approved for listing … on The Nasdaq Stock Market LLC pursuant to the Exchange's existing generic listing standards under the ticker symbol VBNB."
The trust aims to reflect BNB token price performance minus operational expenses, with shares priced using the Marketvector BNB Index.
The ETF structure allows Authorized Participants to execute basket transactions using cash or in-kind BNB tokens.
VanEck Digital Assets LLC serves as the sponsor, and the fund received initial funding through a 4,000-share seed purchase valued at $25,000 per share on Nov. 14, 2025. The filing specifies the trust does not fall under Investment Company Act of 1940 registration, avoids derivatives or leverage, and operates outside Commodity Futures Trading Commission jurisdiction.
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Why It Matters: Institutional Access
The filing addresses staking policy directly, noting "The Trust does not currently stake any of its BNB. In the future, to the extent the Sponsor in its sole discretion determines to stake all or a portion of the Trust's BNB, the Sponsor will engage one or more third party staking services providers to conduct such staking activities."
The amendment warns that shares carry no insurance protection and remain speculative investments vulnerable to total capital loss due to BNB volatility, custody risks and potential market disruptions.
The filing emphasizes BNB's role as the native asset for transaction fees and smart contract execution on BNB Chain.
Regulated ETF structures provide operational advantages over direct digital asset custody while potentially expanding institutional participation in cryptocurrency markets through familiar investment vehicles.
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