Latest developments: VanEck recently launched the first US spot BNB ETF, trading under the ticker VBNB on Nasdaq.
- The fund provides investors with exposure to BNB through traditional brokerage accounts.
- VanEck Director of Digital Assets Product Kyle DaCruz said the firm is focusing on blockchains with measurable adoption rather than purely technical promises.
- The ETF has attracted about $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’s important: VanEck claims 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.
- He cited around $100 billion in monthly stablecoin transfer volume and $16 billion in stablecoins minted on the network.
- The firm’s investment thesis focuses on identifying chains with active users and economic activity instead of what DaCruz called “ghost chains.”
Reading between the lines: VanEck is increasingly emphasizing blockchain revenue as a key target for investors.
- DaCruz said advisers 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” that generate tangible economic value.
- According to DaCruz, BNB generates about $160 million in annual revenue.
