VanEck bets BNB’s real-world usage can stand out in a crowded crypto ETF market

Latest developments: VanEck recently launched the first U.S. spot BNB ETF, trading under the ticker VBNB on Nasdaq.

• The fund gives investors exposure to BNB through traditional brokerage accounts.
• VanEck Director of Digital Assets Product Kyle DaCruz said the firm focuses on blockchains with measurable adoption rather than purely technical promises.
• The ETF has attracted roughly $2 million in assets since launch, according to DaCruz.
• DaCruz joined CoinDesk's Jennifer Sanasie and Bloomberg's James Seyffart on Public Keys.

Why it matters: VanEck argues BNB has already achieved the user adoption many crypto projects are still pursuing.

• DaCruz said BNB Chain has 33 million monthly active users and 2.1 million daily active users.
• He cited roughly $100 billion in monthly stablecoin transfer volume and $16 billion in stablecoins minted on the network.
• The firm's investment thesis centers on identifying chains with active users and economic activity rather than what DaCruz called “ghost chains.”

Reading between the lines: VanEck is increasingly emphasizing blockchain revenue as a key metric for investors.

• DaCruz said advisors are becoming less interested in technical distinctions between blockchains and more interested in sustainable business models.
• He described BNB and Hyperliquid as examples of “revenue chains” generating tangible economic value.
• According to DaCruz, BNB generates roughly $160 million in annual revenue.

What comes next: VanEck expects staking to eventually become part of the ETF’s value proposition.

• The firm’s prospectus contemplates staking once regulatory and operational conditions allow, according to DaCruz.
• He said staking could provide investors with yield while also helping secure the proof-of-stake network.
• VanEck expects advisors to increasingly rely on active crypto investment strategies as the number of crypto ETFs continues to grow.