Digital Assets Surge As Mainstream Investors Pile Into Cryptocurrency Market

Vaneck Pursues First BNB ETF in the US as Solana, Avax, Dogecoin, and XRP Adoption Picks Up Pace

Leading digital asset manager VanEck is seeking to launch the first-ever Binance Coin (BNB) exchange-traded fund (ETF) in the United States, as the adoption of alternative cryptocurrencies such as Solana, Avalanche, Dogecoin, and XRP continues to gain momentum.

According to a recent filing with the US Securities and Exchange Commission (SEC), VanEck is seeking to list the VanEck Binance Coin ETF (ticker: BNB) on the CBOE BZX Exchange, Inc. The ETF will track the performance of Binance Coin, the native cryptocurrency of the popular Binance exchange.

The move comes as the adoption of alternative cryptocurrencies such as Solana, Avalanche, Dogecoin, and XRP continues to pick up pace. Solana has seen its market capitalization surge by over 1,000% in the past year, while Avalanche has seen its market capitalization increase by over 500%. Dogecoin has also seen a significant surge in popularity, with its market capitalization increasing by over 300%. XRP has seen its market capitalization increase by over 200%.

The VanEck Binance Coin ETF will provide investors with a convenient and cost-effective way to gain exposure to the Binance Coin market. The ETF will track the performance of Binance Coin, which is the native cryptocurrency of the Binance exchange, one of the largest and most popular cryptocurrency exchanges in the world.

"We are excited to bring the VanEck Binance Coin ETF to market, providing investors with a unique way to gain exposure to the Binance Coin market," said Edward Levine, Head of Digital Assets at VanEck. "The adoption of alternative cryptocurrencies such as Solana, Avalanche, Dogecoin, and XRP continues to pick up pace, and we believe that the VanEck Binance Coin ETF will be an attractive option for investors looking to gain exposure to this growing market."

The VanEck Binance Coin ETF will be listed on the CBOE BZX Exchange, Inc. once the SEC has approved the application. The ETF will be managed by VanEck's digital assets team, which has a proven track record of successfully launching and managing ETFs in the digital asset space.