VanEck Taps Figment for Staking in Revised BNB ETF Proposal

VanEck has revised its proposal for a BNB exchange-traded fund (ETF) to include staking as a secondary investment objective. This move could differentiate VBNB from a pure price-tracking vehicle if regulators approve it. The amended application, submitted to the U.S. Securities and Exchange Commission on September 25, 2026, names Figment as the designated operator for the staking component.

The fund's primary mandate remains tracking the spot price of BNB. Staking is explicitly framed as a supplemental mechanism rather than a repositioning of the product. The appointment of Figment was disclosed in VanEck's accompanying 8-K filing, which does not reveal fee arrangements, validator specifics, custody terms for staked assets, or expected yield.

The structure mirrors developments elsewhere in the crypto ETF landscape, with Bitwise incorporating staking exposure into its Avalanche ETF. The broader question of how staking yield integrates with ETF mechanics has drawn ongoing attention from both regulators and fund managers. Whether VanEck's path repeats for VBNB depends on how regulators assess the staking addition specifically.