An investment firm has submitted an application to establish a Delaware trust company for an exchange-traded fund (ETF) that will track the BNB cryptocurrency associated with Binance.
On March 31, the firm officially registered a new entity named the BNB ETF in Delaware, as indicated by public records from the state’s official website.
Filed under number 10148820, this entity is categorized as a trust corporate service company in Delaware, suggesting the possibility of a spot BNB ETF in the U.S.
Registration details for the BNB ETF trust in Delaware.
Reports from social media indicate that this firm is the first to present a potential BNB ETF in the U.S., which could indicate a broader acceptance of the BNB Chain, previously known as Binance Chain, in traditional financial offerings.
BNB ETP Available in Europe
While this firm takes the lead on a potential BNB ETF in the U.S., similar financial products have been available in Europe for years.
A notable European crypto asset manager launched a BNB exchange-traded product (ETP) in Switzerland back in October 2019, as referenced by TradingView.
Details of the BNB ETP from 21Shares.
Data from TradingView indicates that the BNB ETP has approximately $15 million in assets under management, accounting for a mere 0.3% of Switzerland’s total crypto assets of $5.3 billion as of March 28, based on reports from CoinShares.
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Reports suggest that this product has experienced a significant decline in fund inflow over the past year, with a total of 537 million euros, equivalent to $580 million.
Understanding BNB
Initially known as Binance Coin, BNB is the native cryptocurrency of the BNB Chain, which is now characterized as a “community-driven and decentralized blockchain ecosystem for Web3 decentralized applications.”
BNB was introduced by Binance in July 2017 as an ERC-20 token on the Ethereum blockchain, designed to encourage trading on its platform and allow users to pay fees at a reduced rate.
Leading crypto assets ranked by market capitalization.
As of now, BNB ranks as the fifth-largest cryptocurrency by market capitalization, valued at around $88 billion.
Surge in Altcoin Filings Following Trump Administration
The filing for the BNB ETF trust is part of a wave of new altcoin ETF applications that have emerged in the wake of Donald Trump’s inauguration in January.
Earlier in March, the firm registered another Delaware trust for an ETF that tracks the price of Avalanche (AVAX), marking it as one of the first to undertake such a registration.
Numerous ETF issuers have sought approval for an XRP ETF with the Securities and Exchange Commission, with at least nine companies having filed independent XRP ETF registrations as of March 12.
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