VanEck Just Launched a BNB ETF — Here’s Why It Says BNB Is Different From the Rest

TLDR

• VanEck launched the first U.S. spot BNB ETF, trading as VBNB on Nasdaq
• The fund has attracted roughly $2 million in assets since launch
• BNB Chain has 33 million monthly active users and $100 billion in monthly stablecoin volume
• VanEck targets blockchains with real users and revenue, not just technical promises
• The firm expects staking to eventually be added to the ETF’s value proposition

VanEck has launched the first U.S. spot BNB exchange-traded fund, trading under the ticker VBNB on the Nasdaq. The fund gives everyday investors access to BNB through standard brokerage accounts.

Kyle DaCruz, VanEck’s Director of Digital Assets Product, said the firm focuses on blockchains that already have measurable user adoption. He made those comments on CoinDesk’s Public Keys alongside Bloomberg’s James Seyffart.

The ETF has gathered roughly $2 million in assets since its launch. While that is a modest start, VanEck sees it as the beginning of broader advisor interest in crypto products.

DaCruz said BNB Chain currently has 33 million monthly active users and 2.1 million daily active users. Those numbers are central to VanEck’s argument that BNB has already done what many crypto projects are still trying to do.

The network also processes around $100 billion in monthly stablecoin transfer volume. There are $16 billion in stablecoins minted on the chain, according to DaCruz.

VanEck says BNB generates roughly $160 million in annual revenue. That makes it one of the few crypto networks the firm considers a true revenue-generating business.

Why VanEck Is Focused on “Revenue Chains”

DaCruz described a shift in how financial advisors are thinking about crypto. He said they are less focused on technical differences between blockchains and more interested in which ones have sustainable business models.

He used the term “revenue chains” to describe networks like BNB and Hyperliquid that produce measurable economic activity. The opposite, he said, are “ghost chains” — networks with little real usage.

VanEck’s investment thesis is built around finding blockchains with active users and actual economic output. BNB fits that model, according to the firm.

The launch of VBNB adds to a growing list of crypto ETFs available to U.S. investors. VanEck expects that as more products enter the market, active strategies based on fundamentals will matter more.

What Could Come Next for VBNB

VanEck has included staking provisions in the ETF’s prospectus. DaCruz said staking could be added once regulatory and operational conditions allow.

If staking is eventually included, investors could earn yield through the fund. It would also support BNB’s proof-of-stake network security.

DaCruz said the firm is watching regulatory developments closely. No timeline was given for when staking might be activated.

For now, VBNB offers straightforward exposure to BNB without staking. VanEck sees it as a foundation for a more feature-rich product over time.

The fund is live on Nasdaq and available through standard brokerage accounts today.

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