Overview
- VanEck launched VBNB, which started trading on May 28, 2026, on Nasdaq as the first U.S. spot BNB exchange-traded fund.
- The fund holds BNB in cold storage with Anchorage Digital Bank as qualified custodian, charges a 0.39% fee, and has about $2 million in assets under management.
- VanEck is marketing BNB as a “revenue chain,” citing roughly 33 million monthly active users, 2.1 million daily users, $100 billion in monthly stablecoin transfer volume, and about $160 million in annual revenue.
- Staking is excluded from the live product but the prospectus includes provisions to add staking later if regulatory and operational conditions allow.
- Early price weakness and low AUM have raised liquidity and institutional-interest questions, and rivals such as Grayscale are already pursuing competing BNB ETF filings which could speed market competition or compress fees.