VanEck's BNB ETF hauls $2M — proving real users beat ghost chains any day 👻

VanEck's first U.S. spot BNB exchange-traded fund, trading under the ticker VBNB on Nasdaq, has attracted roughly $2 million in assets since launch, according to Kyle DaCruz, the firm's Director of Digital Assets Product. The launch adds a new entrant to a crowded crypto ETF market and represents VanEck's bet that BNB's measurable user activity can differentiate it from blockchain projects that have yet to demonstrate comparable adoption.

Speaking on Public Keys with CoinDesk's Jennifer Sanasie and Bloomberg's James Seyffart, DaCruz said VanEck focuses on blockchains with measurable adoption rather than purely technical promises. He cited figures showing BNB Chain has 33 million monthly active users and 2.1 million daily active users, along with roughly $100 billion in monthly stablecoin transfer volume and $16 billion in stablecoins minted on the network.

DaCruz said the firm's investment thesis centers on identifying chains with active users and economic activity rather than what he called "ghost chains." He argued that advisors are becoming less interested in technical distinctions between blockchains and more interested in sustainable business models, describing BNB and Hyperliquid as examples of "revenue chains" generating tangible economic value. According to DaCruz, BNB generates roughly $160 million in annual revenue.

VanEck expects staking to eventually become part of the ETF's value proposition. DaCruz said the firm's prospectus contemplates staking once regulatory and operational conditions allow, which could provide investors with yield while also helping secure the proof-of-stake network. He added that the firm expects advisors to increasingly rely on active crypto investment strategies as the number of crypto ETFs continues to grow.