VanEck's spot BNB ETF, the first U.S. spot fund tied to Binance-linked BNB token, opened with less than $1 million in assets and one of the smallest debuts yet for a spot crypto ETF.
The VanEck BNB ETF began public trading on Nasdaq under the ticker VBNB on May 28.
But data from VanEck's fund page shows just $994,822 in total net assets as of May 28, with 40,000 shares outstanding, a $24.87 net asset value and around 1,555 BNB held by the trust.
Trading was even smaller. VanEck listed 4,533 shares in volume for the last trading day. At the fund's $24.86 market price, that works out to about $112,700 in first-day dollar volume.
VanEck spot BNB ETF performance snapshot on its first public trading day. Source: VanEck
That puts VBNB far below the better-known crypto ETF launches.
For instance, U.S. spot Bitcoin ETFs traded about $4.6 billion on their first day in January 2024, so VBNB's first-day volume was about 0.0024% of that figure.
Spot Ethereum ETFs traded about $1 billion on their first day in July 2024, which means VBNB's volume was about 0.011% of that.
- Even 21Shares' spot Hyperliquid ETF, a U.S. fund tied to HYPE, the token used by decentralized perpetual futures exchange Hyperliquid, opened larger.
- That fund logged about $1.8 million in first-day trading volume and about $1.2 million in net inflows, meaning VBNB's first-day volume was just about 6.3% of Hyperliquid's debut.