Latest news: VanEck recently launched the first US BNB spot ETF, trading under the symbol VBNB on Nasdaq.
- The fund offers investors exposure to BNB through traditional brokerage accounts.
- VanEck’s head of digital asset products, Kyle DaCruz, 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 CoinDesk’s Jennifer Sanasie and Bloomberg’s James Seyffart on Public Keys.
Why it is important: VanEck maintains that BNB has already achieved the user adoption that many crypto projects are still pursuing.
- DaCruz said BNB Chain has 33 million monthly active users and 2.1 million daily active users.
- It cited approximately $100 billion in monthly stablecoin transfer volume and $16 billion in stablecoins minted on the network.
- The company’s investment thesis focuses 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 the technical distinctions between blockchains and more interested in sustainable business models.
- He described BNB and Hyperliquid as examples of “revenue chains” that generate tangible economic value.
- According to DaCruz, BNB generates approximately $160 million in annual revenue.
