VanEck has made a move to expand its digital asset footprint by by filing to establish a trust for the first-ever exchange-traded fund that will track the price of Binance Coin, the fifth largest cryptocurrency by market cap.

On March 31, asset manager VanEck, a pioneer in filing for crypto investment products, filed to establish a trust entity for the first-ever Binance Coin (BNB) EFT in Delaware, according to public records on the state’s official website. This move marks the first step in the ETF launch process, typically preceding a formal application with the U.S. Securities and Exchange Commission. If approved, it would mark the first-ever BNB ETF in the U.S., though similar BNB-related investment products, such as the 21Shares Binance BNB ETP, are already available in global markets.

Although the filing was made on March 31, the news broke today, yet BNB’s price is yet to capitalize on it. It’s down by 2% in the past 24 hours, trading at $598. Over the past week, it has declined by over 5%.

VanEck has been expanding its presence in the digital asset space since 2017 when it became the first ETF issuer to file for a Bitcoin (BTC) futures ETF. In January 2024, ​VanEck launched its spot Bitcoin ETF, the VanEck Bitcoin Trust (HODL). Later that year, the company introduced its spot Ethereum (ETH) ETF, the VanEck Ethereum ETF (ETHV).

It also filed for the first ever Solana (SOL) ETF in June 2024. The filing is currently under review by the U.S. SEC, with a decision deadline set for October 2025.

Most recently, the asset manager also made headlines by filing for Avalanche (AVAX) ETF in the U.S. on March 10, with the decision expected by November 2025.