SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-05-15
Accession Number: 0001628280-26-035722
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2066824/000162828026035722/vaneckbnbs-1a5.htm

Chunk 63 of 91
Word Count: 1389
Character Count: 10619

Document Content:

8 31/03/2026 15:21:43 617.0911306 37.9374 Gateio 8 31/03/2026 15:23:31 617.8539703 61.78515529 Kraken 8 31/03/2026 15:21:24 618.0295425 128.2839788 Kraken 8 31/03/2026 15:22:01 619.2110806 909.9500294 CoinBase 8 31/03/2026 15:21:06 619.7887871 499.8630512 CoinBase 8 31/03/2026 15:22:55 619.8368329 1419.63651 CoinBase 8 31/03/2026 15:23:13 620.6526814 1.27246 Gateio 9 31/03/2026 15:24:07 609.6456533 1.26252 Gateio 9 31/03/2026 15:25:38 610.2601429 838.188 CoinBase 9 31/03/2026 15:24:25 610.9406072 5.534994868 CoinBase 9 31/03/2026 15:26:32 612.0404056 233.4126446 CoinBase 9 31/03/2026 15:24:43 614.4974715 34.5477 Gateio 9 31/03/2026 15:25:20 615.828643 3.700194037 CoinBase 9 31/03/2026 15:25:56 617.0280449 1.829 CoinBase 9 31/03/2026 15:25:02 617.5352198 172.898712 Binance 9 31/03/2026 15:26:50 617.9808137 2501.294694 Binance 9 31/03/2026 15:26:14 620.2844605 719.947786 Kraken 10 31/03/2026 15:29:51 610.5505514 435.17204 CoinBase 10 31/03/2026 15:27:44 611.9081226 772.164912 CoinBase 10 31/03/2026 15:27:08 612.1062561 10.07985 Gateio 10 31/03/2026 15:28:57 612.9120766 1.27176 Gateio 10 31/03/2026 15:29:15 613.7634516 10.11976 bybit 10 31/03/2026 15:29:33 615.3646345 24.7273484 CoinBase 10 31/03/2026 15:27:26 616.622617 85.2798888 CoinBase 10 31/03/2026 15:28:21 616.6984167 40.31871056 CoinBase

Bucket Time (NY) Price (USD) Size (BNBBR) Exchange
10 31/03/2026 15:28:02 617.8978578 59.68261 bybit
10 31/03/2026 15:28:39 617.9682503 1.28513 Gateio
11 31/03/2026 15:32:34 610.9380291 1.27176 Gateio
11 31/03/2026 15:30:27 611.5479345 10.10072 Gateio
11 31/03/2026 15:31:21 612.0008524 1.829806752 CoinBase
11 31/03/2026 15:32:52 613.1719609 85.99514175 Binance
11 31/03/2026 15:31:03 613.1753697 33.65252 Gateio
11 31/03/2026 15:31:39 613.8332274 823.9912591 CoinBase
11 31/03/2026 15:30:09 615.753011 509.7265295 CoinBase
11 31/03/2026 15:32:16 617.807463 225.7811468 CoinBase
11 31/03/2026 15:30:45 618.2172603 1.10349 CoinBase
11 31/03/2026 15:31:58 619.0204705 13.44631062 CoinBase
12 31/03/2026 15:33:28 610.0281051 1.803 CoinBase
12 31/03/2026 15:34:22 611.687937 34.6556351 bybit
12 31/03/2026 15:34:58 612.1883624 69.98999995 CoinBase
12 31/03/2026 15:35:53 615.0708453 32.4792 Gateio
12 31/03/2026 15:33:46 615.5124383 51.59953271 Kraken
12 31/03/2026 15:35:35 616.2078874 420.92939 Gateio
12 31/03/2026 15:33:10 616.6259465 2.910599993 CoinBase
12 31/03/2026 15:34:40 618.0975489 500.0154087 Binance
12 31/03/2026 15:35:17 619.1957447 1.802 CoinBase
12 31/03/2026 15:34:04 621.5181546 159.74154 Gateio
13 31/03/2026 15:36:47 609.7585815 1.28016 Gateio
13 31/03/2026 15:37:23 612.2222073 1081.440112 Kraken
13 31/03/2026 15:38:17 615.8246531 7.63293 CoinBase
13 31/03/2026 15:37:41 616.7201582 34.9721 Gateio
13 31/03/2026 15:38:36 617.1526481 19.00532578 Binance
13 31/03/2026 15:37:59 617.9378413 10.07435 Gateio
13 31/03/2026 15:38:54 618.0386186 0.001637487 Kraken
13 31/03/2026 15:36:11 619.0271014 1026.995448 Binance
13 31/03/2026 15:37:05 621.4095557 7.483381946 CoinBase
13 31/03/2026 15:36:29 621.667495 625.272299 Binance
14 31/03/2026 15:41:55 609.5509517 441.91143 CoinBase
14 31/03/2026 15:39:30 611.5194592 720.6658637 CoinBase
14 31/03/2026 15:41:00 611.6070375 1.05000014 CoinBase
14 31/03/2026 15:40:24 611.7177509 1.025199672 CoinBase
14 31/03/2026 15:40:06 611.7327341 0.000193248 CoinBase
14 31/03/2026 15:40:42 612.8691664 0.250685301 CoinBase
14 31/03/2026 15:39:12 614.4834568 90.51648 bybit
14 31/03/2026 15:41:18 616.4181553 184.81121 Gateio
14 31/03/2026 15:41:36 616.599089 1.26532 Gateio
14 31/03/2026 15:39:48 618.0484875 279.7271665 Binance
15 31/03/2026 15:44:55 609.7343253 173.2837995 Binance
15 31/03/2026 15:44:01 611.7101185 299.0063569 Binance

Bucket Time (NY) Price (USD) Size (BNBBR) Exchange
15 31/03/2026 15:44:19 612.1227622 1.115079206 CoinBase
15 31/03/2026 15:42:13 612.9465154 86.38637175 Binance
15 31/03/2026 15:43:07 613.6528481 379.1385873 CoinBase
15 31/03/2026 15:43:25 614.2387703 364.57002 bybit
15 31/03/2026 15:42:49 615.0035053 0.285297922 CoinBase
15 31/03/2026 15:42:31 615.2292308 114.8051437 CoinBase
15 31/03/2026 15:43:43 615.4116871 1699.456849 CoinBase
15 31/03/2026 15:44:37 621.7231873 326.8556359 Binance
16 31/03/2026 15:46:26 611.3505639 937.4875322 Binance
16 31/03/2026 15:45:14 611.4835112 8.390842405 CoinBase
16 31/03/2026 15:46:44 612.7893924 109.0065659 CoinBase
16 31/03/2026 15:46:08 614.7997587 8.644105454 CoinBase
16 31/03/2026 15:47:56 616.8446096 111.4810785 CoinBase
16 31/03/2026 15:47:02 617.0299426 185.37276 Gateio
16 31/03/2026 15:47:38 617.1987525 0.001304429 Binance
16 31/03/2026 15:45:50 617.6438365 136.2280258 Kraken
16 31/03/2026 15:45:32 618.635534 837.252 CoinBase
16 31/03/2026 15:47:20 619.1514335 1638.906221 CoinBase
17 31/03/2026 15:50:21 610.4397498 4.486166092 CoinBase
17 31/03/2026 15:48:14 614.2449712 172.7804925 Binance
17 31/03/2026 15:49:27 615.1740773 1.826 CoinBase
17 31/03/2026 15:49:45 615.2873759 3.37933425 CoinBase
17 31/03/2026 15:49:09 615.4723808 68.12625 Gateio
17 31/03/2026 15:50:03 615.5062487 250.99152 Gateio
17 31/03/2026 15:48:51 618.5770536 9.008567532 CoinBase
17 31/03/2026 15:48:33 619.6423009 82.79028 Gateio
17 31/03/2026 15:50:39 620.8211377 1434.644862 CoinBase
17 31/03/2026 15:50:57 621.5926776 828.3723526 Kraken
18 31/03/2026 15:53:04 611.1022331 85.85329725 Binance
18 31/03/2026 15:52:10 611.6758061 85.8875535 Binance
18 31/03/2026 15:52:28 612.2366052 1.26686 bybit
18 31/03/2026 15:53:40 613.7447952 523.853822 CoinBase
18 31/03/2026 15:51:52 614.1371375 1.805 CoinBase
18 31/03/2026 15:53:58 617.9744036 1.27946 bybit
18 31/03/2026 15:53:22 618.2918991 1.2796 bybit
18 31/03/2026 15:52:46 620.3724053 1.816 CoinBase
18 31/03/2026 15:51:33 620.9747474 513.1096702 CoinBase
18 31/03/2026 15:51:15 621.0866454 34.5553 Gateio
19 31/03/2026 15:56:41 610.2786508 4.860900009 CoinBase
19 31/03/2026 15:55:11 611.9029786 33.9729 Gateio
19 31/03/2026 15:54:16 614.9131283 9.100449273 CoinBase
19 31/03/2026 15:55:47 615.1282784 2000.547196 CoinBase
19 31/03/2026 15:56:05 615.8421288 1.27883 Gateio
19 31/03/2026 15:56:59 616.2726924 1.83 CoinBase

Bucket Time (NY) Price (USD) Size (BNBBR) Exchange
19 31/03/2026 15:54:34 617.0578333 59.17027237 CoinBase
19 31/03/2026 15:54:52 620.2838533 855.972 CoinBase
19 31/03/2026 15:55:29 620.6541789 1.26483 Gateio
19 31/03/2026 15:56:23 621.4018446 1.011576058 CoinBase
20 31/03/2026 15:57:17 610.9598136 20.68232976 CoinBase
20 31/03/2026 15:57:35 612.9949691 1611.970075 CoinBase
20 31/03/2026 15:58:48 613.0686631 33.626 Gateio
20 31/03/2026 15:58:11 613.2450093 1.805 CoinBase
20 31/03/2026 15:58:30 613.7395718 35.46126 Gateio
20 31/03/2026 15:59:24 613.9059396 202.8954992 CoinBase
20 31/03/2026 15:59:06 615.6641246 870.553494 Binance
20 31/03/2026 15:59:59 616.3007518 117.4768117 Binance
20 31/03/2026 15:57:53 616.5742744 41.39603283 CoinBase
20 31/03/2026 15:59:42 618.0138489 1.804 CoinBase

2.The transactions are segmented by their timestamp into 20 buckets of equal 3-minute length as shown in the first column in the above table.

3.The volume weighted median price for each bucket is shown below:

Buckets Volume (BNBBR) Volume Weighted Median Price ($)

4.The average of the 20 volume weighted medians is calculated to be $615.354554.

The Trust’s NAV per Share is calculated by:

•taking the current market value of its total assets;

•subtracting any liabilities; and

•dividing that total by the total number of outstanding Shares.

The Administrator calculates the NAV of the Trust once each Exchange trading day. The NAV for a normal trading day will be released after 4:00 p.m. Eastern time. Trading during the core trading session on the Exchange typically closes at 4:00 p.m. Eastern time. However, NAVs are not officially struck until later in the day (often by 5:30 p.m. Eastern time and generally no later than 8:00 p.m. Eastern time). The pause between 4:00 p.m. Eastern time and 5:30 p.m. Eastern time (or later) provides an opportunity to detect, flag, investigate, and correct unusual pricing should it occur. The Sponsor will monitor for significant events related to crypto assets that may impact the value of BNB and will determine in good faith, and in accordance with its valuation policies and procedures, whether to fair value the Trust’s BNB on a given day based (e.g., if the MarketVectorTM BNB Benchmark Rate is not available the Sponsor). In certain circumstances, the Sponsor will determine whether to fair value the Trust’s BNB on a given day on whether certain pre-determined criteria have been met. For example, if the MarketVectorTM BNB Benchmark Rate deviates by more than a pre-determined amount from an alternate benchmark available to the Sponsor, then the Sponsor may determine to utilize the alternate benchmark. The Sponsor may also fair value the Trust’s BNB using observed market transactions from one or more exchanges. The Sponsor may also fair value the Trust’s BNB using a combination of inputs in certain situations (e.g., using observed market transactions, OTC quotations from brokers, etc.).

Accordingly, the NAV of the Trust may reflect the fair value of BNB rather than the BNB market prices on certain exchanges at 4:00 p.m. Eastern time. Fair value pricing involves subjective judgments and it is possible that a fair value determination for BNB or other assets is materially different than the value that could be realized upon the sale of such BNB or asset. In addition, fair value pricing could result in a difference between the prices used to calculate the Trust’s NAV and the prices used by the MarketVectorTM BNB Benchmark Rate. The Sponsor, in conjunction with the Administrator, will work in good faith to determine the fair value and implement the correct of the Trust’s NAV. The NAV for the Trust will be calculated by the Administrator once a day and will be disseminated daily to all market participants at the same time. Quotation and last-sale information regarding the Shares will be disseminated through the facilities of the Consolidated Tape Association (“CTA”). In addition, in order to provide updated information relating to the Trust for use by Shareholders and market professionals, ICE Data Indices, LLC will calculate and disseminate throughout the core trading session on each trading day an updated intraday indicative value (“IIV”). The IIV will be calculated by taking creation unit holdings and updating that value throughout the trading day to reflect changes in the price of BNB; this value is then divided by the numbers of shares per creation unit in order to calculate an IIV on a “per share” basis.