VanEck Debuts First U.S. Spot BNB ETF at 0.39% Fee

VanEck launched the VanEck BNB ETF (VBNB) on Thursday, the first U.S. spot exchange-traded product to provide direct exposure to BNB. The fund is physically backed by BNB held in cold storage at Anchorage Digital Bank and carries a 0.39% sponsor fee. Staking is excluded at launch; the prospectus includes conditional language that could allow staking later.

VanEck first filed for a BNB product in May 2025 and submitted an updated registration this month. The firm removed staking from its proposal last November amid ongoing U.S. regulatory uncertainty. The new filing reiterates the exclusion of staking at launch but contains provisions that would permit staking if regulators and operational arrangements allow. Grayscale has also updated registration paperwork for a spot BNB product.

The prospectus says the ETF will hold BNB in Anchorage cold storage and receive physical deliveries of the token. Investors will pay a 0.39% sponsor fee. VBNB joins VanEck’s existing spot crypto products, including its Bitcoin ETF (HODL), Ethereum ETF (ETHV), Solana ETF (VSOL) and Avalanche ETF (VAVX).

BNB is the native token of the BNB Chain, originally incubated by Binance, with a market capitalization of about $88.3 billion. At the time of the fund’s launch, BNB traded near $655, down roughly 0.5% over 24 hours and about 7.9% versus a year earlier.

Patrick Bush, a senior investment analyst at VanEck, noted in the launch release that “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.” VanEck Director of Digital Assets Product Kyle DaCruz added that the ETF gives U.S. investors exchange-traded access to BNB.

The launch follows a wave of U.S. spot crypto ETFs tied to assets beyond Bitcoin and Ether, including Solana, XRP, Litecoin, Avalanche, Dogecoin, Chainlink, Polkadot, HBAR and Hyperliquid. Issuers continue to adjust product designs for custody and regulatory factors that affect features such as staking and operational arrangements.