Company: BNBX
Filing Date: 2025-12-22
Form Type: S-1/A
Source: 0001104659-25-123402
Chunk: 14

Company: BNB PLUS CORP.
Filing Date: 2025-12-22
Form: S-1/A
Chunk 14
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the BNB ecosystem will also subject us to material counterparty, reputational, and regulatory risks outside of our control. See the “Summary
of Risk Factors” and “Risk Factors” sections of this prospectus supplement and our Annual Report on Form 10-K
filed on December 19, 2025 for more information about the risks related to cryptocurrencies such as BNB.

Custody of our BNB

Currently, we hold all
of our BNB in a custody account at U.S.-based, institutional-grade custodians that have demonstrated records of regulatory compliance
and information security. As we accumulate BNB, we plan to custody our BNB across multiple U.S. and international custodians to diversify
our potential risk exposure to any one custodian.

OBNB Trust Units

Currently, a significant
amount of our BNB exposure comes from our ownership of units of OBNB Trust Units. The Company, as a holder of the Trust Units, may not
be able to sell, transfer or assign its Trust Units other than in limited circumstances. The Trust Units are quoted in the over-the-counter
market, but trading volume may be very limited. In addition, as a holder of Trust Units, the Company has no rights to force the liquidation
and/or redemption of the Trust Units and receive the underlying BNB. Therefore, the Trust Units are potentially illiquid and the Company,
as the holder of Trust Units, may have limited ability to realize their value or underlying BNB.

Strategic DAS Agreement

In connection with the Private
Placement, on September 29, 2025, the Company entered into a Strategic Digital Assets Services Agreement (the “Strategic DAS
Agreement”) with Cypress LLC, a Puerto Rico limited liability company (the “Services Provider”), pursuant to which
the Company appointed the Services Provider to provide discretionary asset management services (i) in compliance with the Company’s
BNB Strategy, (ii) with respect to any other cryptocurrency or digital asset strategies subject to the Company’s approval,
in each case, solely with respect to the Account Assets (as defined below) in the accounts or cryptocurrency “wallets” identified
by the Company after consultation with the Services Provider (collectively, the “Account”) for an initial term of five years,
which will automatically and without further action renew for successive one year terms unless the Company or the Services Provider
notifies the other in writing of its desire not to renew the Strategic DAS Agreement at