Recently, the cryptocurrency ETF market has seen major developments—investment management firm VanEck has officially submitted an application to the U.S. SEC to launch the first BNB spot ETF in the United States. This matter has stirred quite a buzz in the community, as many are watching closely to see if, after Bitcoin and Ether, mainstream tokens can also enter the doors of TradFi.

First, let’s talk about the VanEck product. Their planned ETF code is VBNB, which will be listed on Nasdaq, and the approach is straightforward – directly holding BNB Spot, with the price following the coin price. Interestingly, they also mentioned that in the future, they might stake these BNB through a third party to earn returns. However, they are still waiting for the SEC's approval, and whether it can pass depends on the regulatory stance.

In addition to VanEck, REX Shares and Osprey Funds have also been active. These two institutions have similarly submitted applications for a BNB Spot ETF, intending to list on the Cboe BZX exchange. Their strategy is a bit more aggressive - they plan to stake most of their held BNB to directly generate returns from the product itself. Of course, this application is still in the queue for review.

Why is this matter worth paying attention to? Simply put, if these ETFs can be approved, ordinary investors will be able to buy exposure to BNB through traditional brokerage accounts, without having to deal with wallets and private keys. For institutions, this is also a great opportunity to enter the market in a compliant manner—products under a regulatory framework have much lower risk control and compliance costs.

More importantly, this represents that mainstream altcoins are vying for a ticket to enter TradFi. Bitcoin and Ethereum already have Spot ETFs, and now it's time for leading coins like BNB to challenge this barrier. Once broken through, more coins may follow, and the overall market liquidity and institutional participation will take a step up. Of course, whether it can be approved is still a question mark, but at least the direction is already very clear.