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▲ BNB/AI Generated Image
As the first US spot BNB ETF was listed on Nasdaq, BNB emerged as a new axis in the altcoin ETF competition. However, its price on the launch day could not escape the overall market shock.
According to crypto media outlet CoinGeape on May 28 (local time), asset manager VanEck listed VBNB, the first US spot BNB ETF, on Nasdaq. This product is the first US ETF to provide spot exposure to BNB, the native asset of the BNB Network.
Patrick Bush, Senior Investment Analyst at VanEck, explained that the BNB Network is one of the most actively used networks in the world, with 14 million transactions per day and over 2.5 million daily active users. Bush assessed BNB as one of the "most resilient" major cryptocurrencies, showing relatively robust performance despite significant drops in other Layer 1 tokens in recent market cycles.
VBNB is traded on Nasdaq under the ticker VBNB, with a fee of 0.39%. VanEck already offers Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Avalanche (AVAX) ETFs. Grayscale has also submitted an application to launch a BNB fund and recently filed an amended S-1 document, revealing its launch plans.
Kyle DaCruz, Head of Digital Asset Products at VanEck, stated, "Until today, BNB was one of the major cryptocurrencies without a US spot ETF. We are pleased that the launch of VBNB will allow US investors to access one of the most economically significant networks in digital assets through an exchange-listed product."
However, BNB showed a downward trend despite the ETF launch. According to TradingView data, BNB fell more than 2% that day, and its year-to-date decline exceeded 26%. CoinGeape reported that escalating tensions between the US and Iran triggered a broader decline in the crypto market, with further attacks from both sides raising doubts about potential peace agreements.
BNB became the 11th altcoin to have its own spot ETF in the US. BNB joined the US spot ETF market after Ethereum, Solana, XRP, Avalanche, Litecoin (LTC), Polkadot (DOT), Hyperliquid (HYPE), Hedera (HBAR), Chainlink (LINK), and Dogecoin (DOGE).
*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*
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