VanEck Launches Spot BNB ETF on Nasdaq as BNB Slips

VanEck launched the first U.S. spot BNB ETF on Nasdaq (ticker: VBNB), giving investors direct spot exposure to Binance Coin (BNB). The BNB ETF charges a 0.39% management fee and holds BNB in custody/ cold storage, according to the issuer. VanEck also cited BNB Chain usage of ~14 million daily transactions and 2.5M+ daily active users. BNB traded near $631, down more than 3% on the day and about -26% year-to-date, as a broader market sell-off followed renewed U.S.–Iran tensions after fresh military strikes. The risk-off move pressured BTC and major altcoins, keeping near-term price action cautious despite the ETF milestone. ETF competition is accelerating: Grayscale advanced a BNB ETF plan via an amended S-1, without confirming a listing date. Grayscale also filed to convert its Zcash Trust into a spot privacy-coin ETF (ZCSH), which—if approved—could be a first-in-category privacy-coin spot ETF, with projected inflows of $500m–$2bn. For traders, the BNB ETF is a structural demand unlock, but timing matters. Watch BNB ETF flow data once trading begins and track whether BNB weakness reverses as broader market sentiment stabilizes.