Today in crypto, VanEck became the first company to propose a potential BNB ETF in the US, potentially signaling an expansion of BNB Chain. Stablecoin
Today in crypto, VanEck became the first company to propose a potential BNB ETF in the US, potentially signaling an expansion of BNB Chain. Stablecoin issuer Circle filed to go public in the US, and Ethereum’s revenue from blob storage sinks to its lowest level of 2025.
VanEck eyes BNB ETF with latest Delaware trust filing
Investment company VanEck filed to register a Delaware trust company for an exchange-traded fund (ETF) tracking Binance-linked BNB cryptocurrency.
VanEck, on March 31, registered a new entity under the name VanEck BNB ETF in Delaware, according to public records on the official Delaware state website.
VanEck BNB ETF trust registration in Delaware. Source: Delaware.gov
In filing 10148820, the entity is registered as a trust corporate service company in Delaware, hinting at a potential spot BNB (BNB) ETF in the United States.
Circle files for Initial Public Offering planned for April
USDC (USDC) stablecoin issuer Circle Internet Group filed with the US Securities and Exchange Commission on April 1 to go public later this month on the New York Stock Exchange under the ticker “CRCL.”
Its Form S-1 registration statement didn’t detail the number of shares it would offer or what its initial public offering target price would be, but it did shed some light on the firm’s financials.
The filing shows Circle’s revenue last year was $1.67 billion in revenue for 2024, a 16% year-on-year bump, while its 2024 net income was $155.6 million — a 41.8% fall from 2023.
Circle’s financials over the last three years ended Dec. 31. Source: SEC
Over 99% of Circle’s revenue in 2024 came from its stablecoin reserves. The company issues the second-largest stablecoin by market cap behind only Tether (USDT) and generates part of its income by holding yield-bearing Treasury bills.
Circle attempted to go public via a Special Purpose Acquisition Company (SPAC) merger in 2021— which it abandoned in December 2022 — and again in January 2024 via a confidential filing with the SEC.
Ethereum’s weekly blob fees hit 2025 lows
The Ethereum network’s main source of income from layer-2 (L2) scaling chains — “blob fees” — has sunk to the lowest weekly levels so far this year, according to data from Etherscan.
In the week ending March 30, Ethereum earned only 3.18 Ether (ETH) from blob fees, according to Etherscan, or approximately $6,000 US dollars as of April 1.
This figure marks a 73% drop from the prior week and a more than 95% decline from the week ending March 16, when Ethereum’s income from blob fees exceeded 84 ETH, Etherscan said in an X post.
Ethereum’s blob fee income has been uneven. Source: Dune Analytics
In March 2024, Ethereum’s Dencun upgrade migrated L2 transaction data to temporary offchain stores called “blobs.” The upgrade cut costs for users but also reduced overall fee revenue for Ethereum — initially by as much as 95%, according to data from asset manager VanEck.
Since then, growth in blob fees has been unsteady. Ethereum’s weekly blob fee income peaked at nearly $1 million in November before declining sharply in recent weeks, according to data from Dune Analytics.
cointelegraph.com