VanEck launches first US spot BNB ETF, cites $160M annual…

VanEck has launched VBNB on Nasdaq, the first U.S. spot BNB ETF, making a direct bet that BNB Chain's measurable real-world activity sets it apart from the growing field of crypto ETF products. The fund has attracted roughly $2 million in assets since launch, with VanEck Director of Digital Assets Product Kyle DaCruz framing the thesis around chains that generate actual economic value rather than technical promises.

Why it matters

DaCruz's investment framework draws a sharp line between what he calls "revenue chains" and "ghost chains" — blockchains with active users and economic output versus those still selling a vision. BNB Chain, by his account, sits firmly in the former category: 33 million monthly active users, 2.1 million daily active users, roughly $100 billion in monthly stablecoin transfer volume, $16 billion in stablecoins minted on the network, and approximately $160 million in annual revenue. He placed BNB alongside Hyperliquid as examples of chains generating tangible economic value — a framing that signals how VanEck expects institutional advisors to evaluate crypto assets as the ETF market matures.

Market impact

The VBNB launch arrives as financial advisors are reportedly shifting away from technical blockchain comparisons toward sustainable business model analysis. VanEck's prospectus already contemplates adding staking yield once regulatory and operational conditions allow, which would give the ETF an income component beyond pure price exposure. If staking is approved, VBNB would offer investors both BNB price exposure and network yield through a standard brokerage account — a structure that could accelerate inflows well beyond the current $2 million base.