SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-03-16
Accession Number: 0001628280-26-017834
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2066824/000162828026017834/vaneckbnbs-1a3.htm

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access to an omnibus custodial account held at depository institutions in the BNB Custodian's name for the benefit of its customers at which a cash balance may be maintained. The BNB Custodian's services in respect of the BNB Account (i) allow BNB to be deposited from a public blockchain address to the Trust's BNB Account and (ii) allow BNB to be withdrawn from the BNB Account to a public blockchain address as instructed by the Trust. The Custody Agreement requires the BNB Custodian to hold the Trust's BNB in cold storage, unless required to facilitate withdrawals as a temporary measure. Other than in connection with creations and redemptions and withdrawals of BNB to pay the Sponsor Fee and Additional Trust Expenses, where the associated BNB may temporarily be held in omnibus hot storage in the Clearing Account, the BNB Custodian will use segregated cold storage BNB addresses for the Trust.

BNB Custodian has adopted security policies and practices to protect digital assets held in cold storage. These practices may include the use of hardware security modules (“HSMs”) to generate, store and manage private keys, multi-signature technology to provide security against unauthorized access, and secure offline environments (“cold storage”) that are not connected to the internet. Subject to internal controls and authorization procedures, BNB may be transferred from cold storage to a secure online environment (“hot” or “warm” storage) for the limited purpose of settling authorized transactions. BNB held in hot or warm storage for settlement purposes is maintained only for the period necessary to complete the applicable transaction and is subsequently returned to cold storage.

The addresses on the BNB Chain at which the Trust's BNB in the BNB Account are held by the BNB Custodian are separate from the BNB addresses that the BNB Custodian uses for its other customers and are directly verifiable via the BNB Chain. The BNB Custodian will safeguard the private keys to the BNB associated with the Trust's BNB Account. The BNB Custodian will at all times record and identify in its books and records that such BNBs constitute the property of the Trust. The BNB Custodian will not withdraw the Trust's BNB from the Trust's BNB Account with the BNB Custodian, or loan, hypothecate, pledge or otherwise encumber the Trust's BNB, without the Trust's

instruction, nor will the Sponsor or any other entity or service provider. The Trust will not lease or loan BNB held in the Trust's BNB Account with the BNB Custodian and will not give instructions to that effect.

The Custody Agreement provides that BNB is deemed delivered to the address associated with the Trust's BNB Account only after the required number of confirmations of the transaction on the BNB Chain, and that [     ] has no obligations for BNB that is not delivered in that manner. The Custody Agreement provides that once the Trust submits a request for a withdrawal transaction, the BNB subject to the withdrawal request shall be delivered by the BNB Custodian to the designated address on the BNB Chain specified in the Trust's withdrawal transaction within one business day of 4:00 p.m. Eastern time of the business day on which the Trust submits the withdrawal request. If a withdrawal request is made by the Trust (i) by 4:00 p.m. Eastern time of the business day on which the Trust submits the withdrawal request, (ii) in connection with a redemption of Shares of the Trust by an Authorized Participant, and (iii) the delivery of BNB for such withdrawal request is to the account at the BNB Custodian of an Authorized Participant, then the BNB subject to such withdrawal request shall be delivered to the destination blockchain address specified therein, by the next business day from the business day when such withdrawal request was submitted. The Custody Agreement provides that withdrawals may be delayed in connection with scheduled maintenance ("Downtime") or the congestion or disruption of a digital asset network, including the BNB Chain.

In respect of the Fiat Account, the BNB Custodian holds the Trust's cash held in its account at the BNB Custodian in one or more Customer Omnibus Accounts." Customer Omnibus Account" means, with respect to fiat currency held for customers of the BNB Custodian in fiat accounts (including the Trust's cash balance in its Fiat Account), omnibus bank accounts (each an "Omnibus Account") at depository institutions (each, a "Bank"); money market accounts (each, a "Money Market Account") at a Bank or financial institution; and/or payment accounts (each, a "Payment Account") at a financial institution. Each Omnibus Account is: (i) in the BNB Custodian's name, and under its control; (ii) separate from the BNB Custodian's business, operating, and reserve bank accounts; (iii) established specifically for the benefit of the BNB Custodian's customers; and (iv) represents a banking relationship, not a custodial relationship, with each Bank. Omnibus Accounts do not create or represent any relationship between the Trust and any of the BNB Custodian's Banks. Each Money Market Account is held at a Bank or financial institution: (i) in the BNB Custodian's name, and under its control; (ii) separate from the BNB Custodian's business, operating, and reserve money market accounts; (iii) established specifically for the benefit of the BNB Custodian's customers; (iv) managed by a registered financial advisor, (v) custodied by a qualified custodian; and (vi) the monies within which are used to purchase money market funds invested in securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities. Money Market Accounts do not create or represent any relationship between the Trust and any of the related registered financial advisors and/or qualified custodians. Each Payment Account is held at a financial institution: (i) in the BNB Custodian's name, and under its control; (ii) separate from the BNB Custodian's business, operating, and reserve bank accounts; and (iii) established specifically for processing the fiat funds transfers of the BNB Custodian's customers. Payment Accounts do not create or represent any relationship between the Trust and any of the related financial institutions. The Trust's fiat currency deposits are: (i) held across the BNB Custodian's Customer Omnibus Accounts in the exact proportion that all BNB Custodian customer fiat currency deposits are held across its Customer Omnibus Accounts; (ii) not treated as the BNB Custodian's general assets; (iii) fully owned by the Trust; and (iv) recorded and maintained in good faith on the BNB Custodian's books and records and reflected in a sub-account (i.e., the Fiat Account of the Trust's [     ] Account) so that the Trust's interests in the BNB Custodian's Customer Omnibus Accounts are readily ascertainable. The BNB Custodian's records permit the determination of the balance of U.S. dollars for a particular customer as a percentage of total commingled U.S. dollars held for the benefit of all of the BNB Custodian's customers in all Customer Omnibus Accounts in a manner consistent with 12 C.F.R. § 330.5(a)(2). The Trust is not entitled to receive any interest that may be generated with respect to the cash held in its Fiat Account. U.S. dollar deposits in the Trust's Fiat Account held in one or more Omnibus Accounts at one or more Banks located in the United States are held with the intention that they be eligible for Federal Deposit Insurance Corporation ("FDIC") "pass-through" deposit insurance, subject to the Standard Maximum Deposit Insurance Amount per FDIC regulations (currently $250,000 per eligible customer of the BNB Custodian) and other applicable limitations. U.S dollar deposits held at banks or financial institutions located outside of the United States, may not be subject to or eligible for FDIC deposit insurance. The portion of the Trust's cash holdings attributable to the Trust's Fiat Account which is held at a Money Market Fund is not eligible for deposit insurance whether on a pass-through or any other basis. The Custody Agreement provides that wire deposit and withdrawal transfer times in respect of the Fiat Account are subject to

bank holidays, the internal processes and jurisdiction of the Trust's bank, and the internal processes of the BNB Custodian's banks and financial institutions. In certain situations, wire deposit or withdrawal transfer times may be delayed in connection with Downtime or disruptions to the BNB Custodian's banks and/or affiliates or service providers. ACH deposit and withdrawal transfer times are subject to bank holidays, the internal processes and jurisdiction of the Trust's bank, and the internal processes of the Trust's banks. The Custody Agreement provides that in certain situations, ACH withdrawal transfer times may be delayed in connection with Downtime or disruptions to the BNB Custodian's banks and/or affiliates or service providers.