VanEck debuts first US spot BNB ETF under ticker VBNB
The asset manager beats Grayscale to market with a regulated fund tracking BNB's price, adding a third major crypto token to its ETF lineup.
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By
Editorial Team
·
Edited by
Vivian
May. 28, 2026
VanEck just made BNB available in your brokerage account. The asset manager launched the VanEck BNB ETF, trading under the ticker VBNB on Nasdaq, making it the first US spot ETF to offer direct exposure to the native token of the BNB Chain.
The fund started trading on May 7, 2026. As of May 26, it held total net assets of $1.02 million, with a net asset value of $25.48 per share and a gain of 1.93% since inception.
What the fund actually does
VBNB works the same way spot Bitcoin and Ethereum ETFs do. The fund holds actual BNB tokens and tracks their price movements, giving investors exposure without requiring them to set up a crypto wallet, manage private keys, or navigate exchange onboarding.
The expense ratio comes in at 0.39%. VanEck Digital Assets, LLC sponsors the fund. Anchorage Digital Bank N.A. handles custody, and State Street manages administration.
AdvertisementThat custody arrangement is worth noting. Anchorage is a federally chartered digital asset bank, meaning the BNB sitting behind your ETF shares is held by an institution with a national trust charter.
A year-long regulatory marathon
Getting here took patience. VanEck filed its initial S-1 registration statement in early May 2025, kicking off what became a year-long back-and-forth with regulators.
The firm submitted multiple amendments throughout 2025 and into early 2026. One notable change: VanEck stripped staking features from the proposal entirely, a concession to regulatory scrutiny that has become a recurring theme across crypto ETF filings.
A final prospectus was dated May 27, 2026, roughly two weeks after trading began.
VanEck wasn’t the only firm eyeing this space. Grayscale has been developing a competing product under the ticker GBNB, with its own series of amendments filed during the same period. But VanEck crossed the finish line first, claiming the distinction of being the inaugural US spot BNB fund.
Why BNB, and why now
BNB is the native token of the BNB Chain ecosystem, originally created by Binance in 2017. It has grown into one of the largest blockchain networks by user activity and transaction volume, powering a sprawling ecosystem of decentralized applications, DeFi protocols, and gaming platforms.
For VanEck, adding BNB to its crypto ETF lineup is a logical next step. The firm already offers products centered on Bitcoin and Ethereum, the two assets that dominate institutional crypto allocations.
That said, BNB carries a different risk profile than Bitcoin or Ethereum. Its close association with Binance, which has faced regulatory actions and settlements in multiple jurisdictions, adds a layer of complexity that investors in a Bitcoin fund don’t typically confront. The token’s value is partially tied to the health and reputation of the Binance ecosystem, creating a concentration risk that doesn’t exist with more decentralized networks.
With Grayscale’s GBNB still in the pipeline, a two-player market could emerge quickly. Investors considering VBNB should weigh concentration risk, the token’s correlation with broader crypto markets, and the regulatory environment surrounding Binance and its associated ecosystem.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
