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

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

Markets

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.

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AI Boost

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Jennifer Sanasie

Jun 12, 2026, 4:05 p.m.

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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.

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In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.

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In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.

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