VanEck, a prominent American investment management firm, is set to launch the first Binance Coin (BNB) exchange-traded fund (ETF) in the United States.

On March 31st, the firm filed to establish a trust entity in Delaware under filing number 10148820, as confirmed by public records on the states official website. This development serves as a preliminary measure before a formal application is submitted to the US Securities and Exchange Commission (SEC).

If approved, the VanEck BNB ETF would become the first US-based ETF to track the price of Binance Coin, the fifth-largest cryptocurrency by market capitalization. While BNB-related products, such as the 21Shares Binance BNB ETP, are available in international markets, no similar ETF exists in the US.

VanEck previously introduced spot Bitcoin and Ether ETFs in January and July 2024, respectively, after obtaining SEC approval. It also registered standalone ETFs for Solana and Avalanche in Delaware.

Meanwhile, the latest filing did not immediately impact BNBs market performance. In fact, the cryptocurrency is trading at approximately $605, with a 1.36% decline in the past 24 hours and a 4.3% drop over the past week.

BNB witnessed modest gains after President Donald Trumps financial venture, World Liberty Financial (WLFI), announced the launch of USD1, a USD-backed stablecoin built on the BNB Chain, last week. It briefly surged to about $620 on March 25th, followed by another uptrend above $640 three days later before declining again.

In related news, Binance founder Changpeng CZ Zhao announced that he is donating 500 BNB to aid victims of the Myanmar and Thailand earthquake. The former chief executive also sought suggestions on the most effective way to distribute the BNB for relief efforts.