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Global investment management firm VanEck has officially registered a trust fund for Binance's BNB BNBUSD exchange-traded fund (ETF) in Delaware.

This step marks an attempt to launch a spot BNB ETF in the United States. This could open up opportunities for exposure to the asset through a regulated investment vehicle for institutional and individual investors.

VanEck Moves Forward with BNB ETF

The trust fund was registered on March 31 under the name "VanEck BNB ETF" with the file number 10148820. It was registered on Delaware's official state website.

The proposed BNB ETF will track the price of BNB. This is the native cryptocurrency of the BNB Chain ecosystem developed by the cryptocurrency exchange Binance.

According to recent data, BNB ranks as the fifth largest cryptocurrency with a market capitalization of $87.1 billion. Despite its significant market position, both the price of BNB and the overall cryptocurrency market have faced some challenges recently.

Over the past month, the value of the altcoin has decreased by 2.2%. At the time of writing, BNB was trading at $598. This represented a 1.7% decline in the last 24 hours, according to BeInCrypto data.