VanEck bets BNB’s real-world usage can stand out in a crowded crypto ETF market VanEck says BNB’s user activity and revenue generation make it a stronger long-term crypto investment case than many blockchain projects still selling a vision.
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…