Latest developments: VanEck recently launched the first US spot BNB ETF, trading under the symbol VBNB on Nasdaq.
- The fund provides investors with exposure to BNB through traditional brokerage accounts.
- Kyle DaCruz, VanEck’s director of digital asset products, said the company is focused on blockchains with measurable adoption rather than purely technical promises.
- The ETF has attracted approximately $2 million in assets since its launch, according to DaCruz.
- DaCruz joined Jennifer Sanasie of CoinDesk and James Seyffart of Bloomberg on public keys.
Why it’s important: VanEck claims that BNB has already achieved 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 approximately $100 billion in monthly stablecoin transfer volume and $16 billion in stablecoins issued on the network.
- The company’s investment thesis focuses on identifying channels with active users and economic activity rather than what DaCruz called “ghost channels.”
Read between the lines: VanEck is increasingly emphasizing blockchain revenue as a key metric for investors.
- DaCruz said advisors are increasingly less interested in the technical distinctions between blockchains and more in sustainable business models.
- He described BNB and Hyperliquid as examples of “revenue chains” generating tangible economic value.
- According to DaCruz, BNB generates approximately $160 million in annual revenue.
