VanEck has removed the staking component from its proposed spot Binance Coin (BNB) ETF, as disclosed in an S-1 amendment filed with the SEC on November 21, 2025. The firm is deliberately sacrificing staking yield to reduce regulatory uncertainty, positioning the upcoming VBNB fund as a product offering pure price exposure without the complications of yield generation.

Regulatory Realignment for a Cleaner ETF Structure

The amendment replaces the earlier language— which allowed for the possibility of staking — with a definitive statement: the trust “will not employ its BNB in staking activities and will not obtain staking rewards or any income of any kind derived from such activities.” VanEck cites uncertainty over how regulators or courts may classify BNB, along with previous oversight concerns related to Binance, to justify a simpler structure with fewer regulatory risks.

VanEck continues to pursue staking-enabled ETFs elsewhere. Its proposed Lido Staked Ethereum (stETH) ETF includes staking rewards— estimated near 4% annually — alongside a 10% reward redemption fee distributed between node operators and the Lido treasury. Meanwhile, its proposed Solana ETF backed by JitoSOL leverages liquid staking mechanics to allow daily share creation and redemption under a management fee of 0.30%.

A liquid staking token represents a staking position that can be traded or redeemed without the usual lockups, enabling ETFs based on them to integrate yield without operational bottlenecks. For institutional treasuries and professional traders, the absence of staking in VBNB creates a notable “yield gap” versus holding BNB directly, effectively giving up the network’s typical 2.37–3.52% annual reward in exchange for a cleaner, lower-risk approval pathway.

VanEck’s decision prioritizes regulatory viability over short-term yield optimization, leaving open the possibility of reintroducing staking if the regulatory climate evolves.