Vaneck has applied for the creation of a spotal ETF on BNB, which was the first attempt to create an exchange fund based on this token.
It is still difficult to say whether SEC will approve this application. At a recent conference, Chanpen Zhao (CZ) noted that now attention is focused on bitcoin -etf, but interest in altcoins is growing.
First ETF on BNB
If Bitcoin-ETF had to fight for a long time, now the market is already open to such offers. Two weeks ago, there were more than 70 active applications on the ETF based on altcoins, and the market is sure that at least a few of them will receive approval.
Vaneck first laid the foundation for ETF on BNB a little more than a month ago, registering a trust in Delaware. This is a standard practice for new crypto -etf; Vaneck did the same in March to try to create ETF on AVAX.
Now it’s hard to say for sure whether the application is approved, but the BNB is one of the largest crypto assets, which can give it an advantage.
What is happening in the BNB market
The fact that Binance considers the possibility of creating ETF in the United States shows how far BNB has advanced. In 2023, American exchanges began to revise BNB listing due to Binance legal problems. However, now large exchanges, such as Kraken, again the leaves of the asset.
Bloomberg analyst Eric Balchunas noted that Chanpen Zhao and Jan Van Ec recently visited the Token2049 conference, although they did not perform on the same panel. It is known that CZ is actively involved in industry conferences, but there is no evidence that he and Van ec were met directly. Nevertheless, Balchunas noted that some CZ comments may reflect his attitude to BNB-ETF:
Now it’s hard to predict the future of BNB-ETF. There have been many applications for the ETF altcoin, but the SEC can postpone a solution for many of them until October. The position of the commission on these products may clarify the prospects of BNB, but its turn is not yet soon.
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Source: Cryptocurrency
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