A financial manager is working towards launching the first U.S.-based spot exchange-traded fund (ETF) that will track the BNB token.
On March 31, the firm registered a legal entity under the name BNB ETF with the Delaware Division of Corporations, signifying the initial step in what could evolve into a comprehensive ETF application submitted to the U.S. Securities and Exchange Commission (SEC).
This filing, listed with the entity number 10148820, positions the firm as a leader in introducing BNB-focused financial products to American investors.
If granted approval, the ETF will hold BNB, reflecting its market performance. Current data indicates that BNB trades at around $602, boasting a market capitalization of roughly $86 billion.
This initiative follows a surge of interest in altcoin ETFs, with numerous firms submitting applications for funds linked to tokens such as Solana and XRP.
The interest has intensified following the successful launch of spot Bitcoin ETFs, which has revived investor enthusiasm for regulated crypto investments.
Given the current regulatory landscape, investment managers feel more assured in pursuing similar products associated with other prominent digital assets.
BNB Chain Momentum
In the meantime, the proposed ETF coincides with a resurgence in activity on BNB Chain, the blockchain ecosystem underpinning the BNB token.
Data from DeFiLlama reveals that over the past month, BNB Chain has consistently outperformed Ethereum and Solana in terms of decentralized exchange (DEX) trading volume. Platforms such as PancakeSwap and the memecoin launchpad Four.meme have played significant roles in this increase in trading activity.
The network has also initiated major incentive programs, including a $100 million liquidity initiative to promote listings on centralized exchanges. These efforts have drawn more developers and projects to the ecosystem.
Additionally, the founder and former CEO of Binance has actively engaged with the BNB Chain community, interacting with meme tokens and publicly showcasing the network’s advantages.
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