Asset manager VanEck launched the first US spot BNB exchange-traded fund (ETF) on 28 May, in a move that analysts say could test whether investors begin valuing crypto assets less on speculation and more on the utility and activity generated by their underlying networks.
VanEck’s BNB ETF Tests Appetite for Blockchain Utility Trade
28 May 2026 - 21:53 CEST
By Jona Jaupi
The VanEck BNB ETF will track the price of BNB, the native token of Binance's BNB Chain ecosystem. The fund will hold spot BNB tokens in cold storage through a third-party custodian, according to VanEck, which manages about $199bn in assets under management.
BNB is currently the fourth-largest cryptocurrency by market capitalization at roughly $85bn, behind only Bitcoin (BTC), Ether (ETH) and Tether's USDT stablecoin, according to CoinGecko data. The token was trading around $633 as of 14:49 UTC, down about 3% over the past 24 hours.
VanEck said the ETF will not initially include staking, a mechanism that allows token holders to earn rewards by helping validate transactions and secure blockchain networks. However, the asset manager added that staking features could be introduced later if US regulators permit them.
It also warned that legal, regulatory or reputational issues involving Binance could affect the value of both BNB and the ETF.
A different type of crypto ETF
Matthew Pinnock, chief operating officer at yield protocol Altura, told Sandmark that a US-listed spot BNB ETF shows institutional crypto investing is starting to move beyond broad exposure to crypto prices and towards products tied more closely to how blockchain networks are actually used.
He explained that unlike Bitcoin, which is often viewed as a store of value, BNB is more closely tied to activity across the Binance ecosystem. The token is mainly used to pay fees and participate in governance on the BNB Smart Chain, a blockchain network launched by Binance with a total value locked of over $5.4bn, according to DeFiLlama.
"That makes the product an important test case for whether institutional capital is prepared to evaluate crypto assets through operational and economic metrics rather than narrative cycles alone," Pinnock said.
He added that the launch could also shape how institutional investors classify exchange-linked crypto assets within their broader digital asset portfolios. "As the market matures, factors such as sustained onchain activity, trading volume, fee generation, liquidity depth, and derivatives infrastructure may increasingly become valuation signals for large-cap crypto networks," Pinnock said. "In that sense, the ETF could work as a broader signal that institutional investors are gradually moving toward a more segmented and fundamentals-driven approach to crypto exposure."
Moving beyond Bitcoin and Ether
The launch also comes as asset managers continue expanding crypto ETF offerings after spot Bitcoin and Ether funds were approved in the US in 2024. Since then, firms have increasingly moved into products tied to other cryptocurrencies.
In October 2025, the first Solana (SOL) ETF launched in the US, followed a month later by the first spot Dogecoin (DOGE) ETF. Earlier this month, asset manager Bitwise launched one of the first ETFs tied to Hyperliquid's HYPE token. Early trading data showed the product briefly outpaced several spot Bitcoin and Ether ETFs in daily inflows during its first days on the market.
Shane Molidor, founder of Forgd, a Web3 investment bank and software platform, said VanEck's latest launch shows issuers are continuing to expand into larger altcoins with enough liquidity and investor demand to support ETF products.
"The better read is that issuers are expanding from BTC and ETH into the largest, most liquid crypto assets because there is now enough regulatory and market infrastructure to monetize that demand through ETF wrappers," Molidor said.
