VanEck Frames BNB ETF Around Network Usage as Crypto ETF Competition Grows

VanEck has launched what it describes as the first U.S. spot BNB ETF, with the fund trading on Nasdaq under the ticker VBNB. The product gives investors exposure to BNB through traditional brokerage accounts, according to comments from Kyle DaCruz, VanEck’s director of digital assets product, cited by CoinDesk.

The launch matters because the crypto ETF market is becoming more crowded, forcing issuers to explain why one blockchain asset deserves attention over another. VanEck’s pitch is that BNB is not just a technical bet, but a network with measurable activity, users and economic output.

DaCruz said VanEck is focused on blockchains with observable adoption rather than projects that are still mainly selling future potential. He cited 33 million monthly active users, 2.1 million daily active users, about $100 billion in monthly stablecoin transfer volume and $16 billion in stablecoins minted on BNB Chain.

The firm is also emphasizing revenue as a filter for crypto investments. DaCruz described BNB and Hyperliquid as examples of “revenue chains” and said BNB generates roughly $160 million in annual revenue, a metric he suggested is becoming more relevant to advisors than technical differences between networks.

The ETF has attracted roughly $2 million in assets since launch, according to DaCruz. VanEck’s prospectus also contemplates staking in the future if regulatory and operational conditions allow, which DaCruz said could add yield for investors while helping secure the proof-of-stake network.