VanEck Files Form S-1 for Binance Coin ETF with SEC
VanEck has filed a Form S-1 registration statement for its Binance Coin (BNB) exchange-traded fund (ETF) with the SEC. The document details the ETF's operations, financial condition, and pricing methodology.
- The filing occurred on March 31, aiming to provide regulated exposure to BNB.
- This ETF would cater to U.S. investors, differentiating it from the existing 21Shares BNB ETP in Europe.
- If approved, BNB in the trust could be staked for additional income.
- Market perception of BNB is shifting towards its role in Web3 infrastructure.
BNB Price Outlook
Currently, BNB is trading around $593, showing no daily price change. The token has been forming a symmetrical triangle pattern since February, indicating a potential breakout.
- A rise above $615 could target $640-$650.
- A drop below $580 may lead to a decline towards $560.
Technical indicators show minor bearish pressure with the MACD line slightly below the signal line. The RSI is around 52, indicating neutral momentum, allowing for price swings based on market developments. Bollinger Bands are narrowing, suggesting an imminent significant move; a breakout above $614 may trigger bullish momentum.
BNB price chart | Source: Trading View
BNB price chart with Bollinger Bands | Source: Trading View