VanEck launches VBNB, the first U.S. spot BNB ETF with 0.39% sponsor fee

VanEck launched the VanEck BNB ETF (VBNB) on Thursday, positioning it as the first U.S. exchange-traded product intended to track BNB's spot price moves. The prospectus says the Nasdaq-listed shares are physically backed by BNB held in cold storage with Anchorage Digital Bank and charge a 0.39% sponsor fee. VanEck first filed for a BNB ETF in May 2025, while Grayscale is also pursuing approval for a spot BNB ETF; both filings exclude staking at launch but include conditional staking language.