Asset manager VanEck launched the VanEck BNB ETF (VBNB) on Thursday, the first exchange-traded product in the U.S. designed to provide spot exposure to the price movements of BNB.
VanEck was the first to file for a BNB ETF in May 2025 and submitted its latest amendment earlier this month alongside an updated registration statement from fellow asset manager Grayscale, which is also seeking approval for its own spot BNB ETF.
Both filings continue to exclude staking at launch, a feature VanEck stripped from its proposal last November amid lingering U.S. regulatory uncertainty, though the proposals contain conditional staking language.
The Nasdaq-listed shares of VBNB are physically backed by BNB held in cold storage with Anchorage Digital Bank, according to the fund's prospectus, and carry a sponsor fee of 0.39%.
BNB is the fourth-largest cryptocurrency globally, with a market capitalization of around $88.3 billion, according to The Block's prices page, and is the native asset of the BNB Chain ecosystem originally incubated by Binance.
The underlying BNB (BNB) is trading for around $655.15 on Thursday, down 0.5% over the last 24 hours amid a broader crypto market correction, and 7.9% during the past year.
"BNB has been one of the most resilient major cryptocurrencies through the recent market cycle, roughly flat over the past year while most Layer 1 peers experienced significant drawdowns," VankEck Senior Investment Analyst Patrick Bush said in a release. "This is partly due to the fact that BNB is one of the most actively used blockchains in the world, processing over 14 million transactions per day and supporting more than 2.5 million daily active users. It also boasts a strong user base with ample resources, including more than $16B in stablecoin supply and $3.6B in RWAs."
VBNB is the latest addition to VanEck's roster of exchange-traded products providing spot crypto exposure, which includes its Bitcoin ETF (HODL), Ethereum ETF (ETHV), Solana ETF (VSOL), and Avalanche ETF (VAVX).
The BNB ETF joins a growing wave of crypto ETF launches beyond bitcoin and ether in the U.S., including products tied to assets such as Solana, XRP, Litecoin, Avalanche, Dogecoin, Chainlink, Polkadot, HBAR, and, most recently, Hyperliquid.
"Until today, BNB stood out among major crypto assets as one of the few not yet available in a U.S. spot ETP," VanEck Director of Digital Assets Product Kyle DaCruz said. "We're thrilled to be changing that with the launch of VBNB, giving U.S. investors exchange-traded access to one of the most economically significant networks in digital assets."
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
