Binance Coin Stages Comeback as VanEck Files S-1 For Spot BNB ETF

Binance Coin (BNB) has defied the subdued broader market sentiment with its latest price performance.

Now trading as the fifth-biggest cryptocurrency, BNB price is surging towards the $600 psychological level.

This latest price recovery in the Binance-backed coin follows VanEck’s filing of a spot BNB Exchange-Traded Fund (ETF).

VanEck ETF Files First US BNB ETF

Taking to the X platform, former Binance CEO Changpeng ‘CZ’ Zhao brought the market’s attention to VanEck’s BNB ETF filing.

VanEck, a popular US-based asset management firm, has filed an S-1 document with the Securities and Exchange Commission (SEC). The primary goal is to launch a spot BNB ETF.

This filing represents a huge milestone for VanEck, which is seeking approval from the US SEC to provide exposure to BNB.

If approved, the ETF could generate passive income from staking through vetted providers, including potentially affiliates of VanEck.

VanEck has yet to disclose the fund’s ticker symbol. However, the preliminary prospectus indicates that regulatory approval from the listing exchange is pending.

The filing comes only a month after VanEck registered a trust entity in Delaware for the prospective BNB ETF.

The asset manager seeks to give investors direct exposure to BNB, the native token of the BNB Chain.

Additionally, VanEck aims to strengthen its position in the digital asset space.

The firm has already listed spot Bitcoin (BTC) and Ethereum (ETH) ETFs on its platform. Meanwhile, the firm has pending approvals with the SEC for spot Solana (SOL) and Avalanche (AVAX) ETFs.

BNB Price Outlook

VanEck has steadily built a reputation as a pioneer in the digital asset ETF space, and its interest in BNB is unsurprising.

BNB is gradually becoming a top performer among the top cryptocurrencies in the market. With its alluring attributes, it closely rivals Ethereum, the top altcoin and smart contract chain in the market.

While the price of ETH continues to drop, BNB has managed to hold on to a decent premium from its 2024 lows.

As of this writing, the BNB price was $594.14, up 0.8% from the previous day. Notably, BNB rose to as high as $596 in today’s morning trading session before falling to current levels.

Investors’ sentiments for the coin remain high, as indicated by the increasing trading volume.

This metric has increased by over 14% to $1.43 billion in the last 24 hours.

Recent trading activity combined with technical chart formations suggests BNB could surge past the $1,000 milestone.

Crypto ETFs Growing List and Approval Odds

BNB is one of several altcoins that could gain the SEC’s ETF approval this year.

ETF expectations are already high for cryptocurrencies such as Solana, XRP, Dogecoin (DOGE), and Cardano (ADA).

Fidelity Investments, Franklin Templeton, Grayscale Investments, and VanEck are among the firms seeking to list such offerings.

Recent data from the decentralized prediction platform Polymarket shows a 74% probability that the U.S. Solana ETF will gain approval by the end of 2025.

Additionally, Polymarket increased the approval odds of a spot XRP ETF this year to 78%.

This growing confidence reflects increasing optimism among investors and analysts that the SEC will approve an XRP ETF before year-end.

The positive momentum is fueled by a more favorable regulatory outlook in the US under President Donald Trump’s new administration.

The closure of the Ripple vs SEC case has further helped restore investors’ confidence in XRP.

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