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VanEck BNB ETF
VanEck BNB ETF — the first US-listed ETF tracking Binance Coin directly. Launched 2024 on NYSE Arca.
VanEck BNB ETF
VanEek, founded in 1955 by John C. Bogle (a founder of Vanguard), has historically specialized in gold and hard-asset investing. Since launching its Bitcoin Strategy ETF (XBTF) in 2021, the firm has become a leading issuer of crypto ETFs. Its BNB ETF, ticker BNBX, holds BNB directly and began trading on NYSE Arca in early 2024 (per VanEck filings). The BNB ETF offers exposure to Binance Coin, the native token of the Binance exchange. The product targets retail and institutional investors seeking a regulated wrapper for a digital asset often associated with exchange volume. BNBX operates as a grantor trust, holding physical BNB. VanEck does not disclose exact AUM for this ETF separately; the fund competes against similar products from Bitwise and Hashdex. As of mid-2025, the VanEck BNB ETF had under $20M in AUM (per Bloomberg data). The firm runs a broader crypto platform including futures and spot Bitcoin ETFs, Ethereum ETFs, and a digital-asset-focused venture. VanEck is a publicly owned asset manager with subsidiaries in Australia and Europe. In September 2024, it filed to convert its BNB ETF into a physically backed structure (per SEC filings). VanEck's structural differentiator is its willingness to launch narrow crypto ETFs targeting a single altcoin, differentiating from broader index-based competitors. The BNB ETF relies on Coinbase Custody for safekeeping, a departure from many crypto ETFs that use Gemini or self-custody. This custody arrangement may influence institutional adoption.
General information
Firm type
Asset Manager
Year founded
2024
AUM
Undisclosed
Location
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Corporate office
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Sector focus
Frequently asked questions
What is the VanEck BNB ETF (BNBX)?
BNBX is an exchange-traded fund launched by VanEck in 2024 that directly holds Binance Coin (BNB). It trades on NYSE Arca under the ticker BNBX. The fund is structured as a grantor trust, meaning it physically holds BNB tokens, not derivatives. It was the first US-listed ETF to offer direct exposure to BNB.
How does BNBX differ from VanEck's other crypto ETFs?
VanEck also runs the VanEck Bitcoin Strategy ETF (XBTF), which invests in Bitcoin futures contracts, not spot Bitcoin. BNBX holds physical BNB, making it a spot-based product. The firm also offers Ethereum and Bitcoin spot ETFs through its active management suite, but BNBX is the only altcoin-specific ETF in its lineup.
Who holds the BNB for the BNBX ETF?
Coinbase Custody Trust Company serves as the custodian for BNBX's BNB holdings, as disclosed in the fund's prospectus. This is a standard arrangement for VanEck's spot crypto ETFs, including its Bitcoin and Ethereum products.
What is the fee structure for BNBX?
VanEck does not publicly disclose the expense ratio for BNBX as a standalone figure. Most of VanEck's crypto ETFs charge between 0.50% and 0.95% in management fees, but BNBX's expense ratio may differ. Institutional investors should consult the fund's prospectus for exact numbers.
Is BNBX suitable for institutional investors?
The fund is designed for both retail and institutional investors. Its regulated wrapper and Coinbase Custody arrangement provide institutional-grade custody. However, BNB's price volatility and the token's association with exchange risks may limit adoption. As of mid-2025, AUM remained below $20M, suggesting limited institutional uptake.
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