VanEck files for first Binance BNB ETF in USA
Who doesn't love the Binance Coin, BNB?
I feel like its value is always between $600-$700, that doesn't mean I have any of it, LOL. It's almost like a high value stablecoin. True BNB has a market cap of roughly $83.9 Billion which puts it ranked 5th in terms of Crypto market caps.
So who is VanEck?
VanEck , is New York-based fund, which manages roughly $78 billion across 69 ETFs currently. On May 2nd VanEck filed their S-1 with the SEC to issue the VanEck BNB ETF. If approved this would be the first US ETF tracking Binance' s BNB token and associated blockchain
What's included in this BNB ETF?
- Staking rewards (AKA Passive income) - IF approved this would be the first ETF to allow staking and I must point out this would be periodic staking.
- Via the ETF allows TradFi investors to gain exposure to BNB without directly purchasing or storing the cryptocurrency. Thus mirroring the structure of existing spot Bitcoin and Ethereum ETFs.
VanEck Next Steps?
They must submit a 19b-4 form, which would obligate the SEC to respond within a set timeframe. Then decision would still be a few months out from that submission
Summary
VanEck is timing their BNB ETF very well in terms of waiting for initial SEC ETF push to be over and then wait for investors to reload their money guns and purchase a high ranking Crypto.
Credit - Blog image - Binance image from Cryptonews.com = ALL RIGHTS REMAIN
Binance Logo images - Calebandbrown.com = ALL RIGHTS REMAIN
VanEck Logo - watcherguru = ALL RIGHTS REMAIN
