Key Takeaways:
- VanEck's VBNB is the first US spot ETF offering direct BNB exposure.
- The fund charges 0.39% and holds BNB with Anchorage Digital Bank.
- Grayscale's competing GBNB product remains in development.
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VanEck launches first US spot BNB ETF at 0.39% expense ratio
VanEck launched the first US spot BNB exchange-traded fund on Nasdaq under ticker VBNB, giving investors regulated exposure to the BNB Chain's native token at a 0.39% expense ratio.
"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," Patrick Bush, Senior Investment Analyst at VanEck, said. "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."
The fund held $1.02 million in net assets as of May 26, with a net asset value of $25.48 per share and a gain of 1.93% since it began trading on May 7. VanEck Digital Assets LLC sponsors the fund, Anchorage Digital Bank N.A. handles custody and State Street manages administration. The firm filed its initial S-1 registration in early May 2025 and submitted multiple amendments throughout the year, ultimately stripping staking features from the proposal — a concession that has become standard across crypto ETF filings. A final prospectus was dated May 27, 2026.
BNB is the native token of the BNB Chain, one of the largest blockchain ecosystems by user activity and transaction volume. The network supports more than $16 billion in stablecoin supply and $3.6 billion in real-world assets, according to VanEck, citing Artemis and RWA XYZ data. BNB also features deflationary supply mechanics with layered burn mechanisms designed to reduce supply toward a target of 100 million tokens.
The token's close association with Binance — which has faced regulatory actions and settlements in multiple jurisdictions — introduces concentration risk that investors in Bitcoin or Ethereum ETFs do not typically confront. Grayscale's competing product under ticker GBNB remains in development, setting up a potential two-player market for US spot BNB exposure.
"Until today, BNB stood out among major crypto assets as one of the few not yet available in a US spot ETP," Kyle DaCruz, Director of Digital Assets Product at VanEck, said. "We're thrilled to be changing that with the launch of VBNB."
This article is for informational purposes only and does not constitute investment advice.
