Latest developments: VanEck recently launched the first U.S. spot BNB ETF, trading under the ticker VBNB on Nasdaq.
- The fund gives investors exposure to BNB through traditional brokerage accounts.
- VanEck Director of Digital Assets Product Kyle DaCruz said the firm focuses on blockchains with measurable adoption rather than purely technical promises.
- The ETF has attracted roughly $2 million in assets since launch, according to DaCruz.
- DaCruz joined CoinDesk's Jennifer Sanasie and Bloomberg's James Seyffart on Public Keys.
Why it matters: VanEck argues BNB has already achieved the 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 roughly $100 billion in monthly stablecoin transfer volume and $16 billion in stablecoins minted on the network.
- The firm's investment thesis centers 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 technical distinctions between blockchains and more interested in sustainable business models.
- He described BNB and Hyperliquid as examples of “revenue chains” generating tangible economic value.
- According to DaCruz, BNB generates roughly $160 million in annual revenue.
