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

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the Shares of the Trust. You may rely on the information contained in this Prospectus. The Trust and the Sponsor have not authorized any person to provide you with different information and, if anyone provides you with different or inconsistent information, you should not rely on it. This Prospectus is not an offer to sell the Shares in any jurisdiction where the offer or sale of the Shares is not permitted. The Shares of the Trust are not registered for public sale in any jurisdiction other than the United States. Until 25 calendar days after the date of this Prospectus, all dealers effecting transactions in the Shares, whether or not participating in this offering, may be required to deliver a prospectus. This requirement is in addition to the dealer’s obligation to deliver a prospectus when acting as underwriters and with respect to unsold allotments or subscriptions. STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Prospectus includes “forward-looking statements” which generally relate to future events or future performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “intend”, “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included in this Prospectus that address activities, events or developments that will or may occur in the future, including such matters as movements in the cryptocurrencies markets and indexes that track such movements, the Trust’s operations, the Sponsor’s plans and references to the Trust’s future success and other similar matters, are forward-looking statements. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses the Sponsor has made based on its perception of historical trends, current conditions and expected future developments, as well as other factors appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed in this Prospectus, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. Consequently, all the forward-looking statements made in this Prospectus are qualified by these cautionary statements, and there can be no assurance that actual results or developments the Sponsor anticipates will be realized or, even if substantially realized, that they will result in the expected consequences to, or have the expected effects on, the Trust’s operations or the value of its Shares.

PROSPECTUS SUMMARY

This is only a summary of the Prospectus and, while it contains material information about the Trust and its Shares, it does not contain or summarize all of the information about the Trust and the Shares contained in this Prospectus that is material and/or which may be important to you. You should read this entire Prospectus, including “Risk Factors” on page 14, before making an investment decision about the Shares. For a glossary of defined terms, see Appendix A.

Overview of the Trust

The VanEck BNB ETF (the “Trust”) is an exchange-traded fund that issues common shares of beneficial interest (the “Shares”). The Shares are expected to be approved for listing, subject to notice of issuance, on The Nasdaq Stock Market LLC (“Nasdaq” or the “Exchange”) pursuant to Nasdaq Rule 5711(d), which permits the listing and trading of Commodity-Based Trust Shares under Nasdaq’s generic listing standards (the “Generic Listing Standards”). The Trust intends to list the Shares under Nasdaq Rule 5711(d) once BNB satisfies one of the eligibility requirements set forth in Rule 5711(d)(iv). The Trust will not commence trading unless and until the Exchange confirms that the Shares meet all applicable listing requirements.

The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”) and is not required to register under such act. The Trust is not a commodity pool for purposes of the CEA, and the Sponsor is not subject to regulation by the CFTC as a commodity pool operator or a commodity trading advisor. The Trust is a passive investment vehicle that does not seek to pursue any investment strategy beyond reflecting the performance of the price of BNB and rewards from staking a portion of the Trust’s BNB (to the extent staking is implemented). As a result, the Trust will not attempt to avoid losses or hedge exposure arising from the risk of changes in the price of BNB.

The Trust’s investment objective is to reflect the performance of the price of BNB and rewards from staking a portion of the Trust’s BNB to the extent the Sponsor in its sole discretion (i) implements staking and (ii) determines that the Trust may do so without undue legal or regulatory risk, such as, without limitation, by jeopardizing the Trust’s ability to qualify as a grantor trust for U.S. federal income tax purposes, less the expenses of the Trust’s operations. In seeking to achieve its investment objective, the Trust will hold BNB and will value its Shares daily based on the reported MarketVectorTM BNB Benchmark Rate, which is calculated based on prices contributed by trading platforms that the Sponsor’s affiliate, MarketVector Indexes GmbH (“MarketVector”), believes represent the top five BNB trading platforms based on the industry leading BITA Exchange Ranking report. See “The Trust and BNB Prices— Description of the MarketVectorTM BNB Benchmark Rate Construction and Maintenance” for more information.

At launch, the Trust will not engage in staking activities and therefore will not earn staking rewards that may be available to holders of BNB who directly stake their tokens through validators or staking service providers. There can be no assurance that the Sponsor will cause the Trust to engage in staking in the future. However, to the extent the Sponsor in its sole discretion determines to stake all or a portion of the Trust’s BNB, the Sponsor will engage one or more third party staking services providers (each a “Staking Services Provider”) to conduct such staking activities (“Staking Activities”). There can be no assurance that the Trust will engage in Staking Activities, meaning that the Trust’s BNB will remain unstaked for the foreseeable future and indefinitely if necessary. To the extent that the Sponsor determines to engage in Staking Activities on the Trust’s behalf, notification will be made to Shareholders via a prospectus supplement and/or a current report filed with the SEC. At the time the Shares are listed on the Exchange, the Trust will not employ its BNB in Staking Activities and accordingly will not earn any form of staking rewards or income of any kind, from Staking Activities. Because the Trust will not engage in staking activities at launch, the Trust will not earn staking rewards that may be available to holders of BNB who directly stake their tokens. As a result, the performance of the Shares will reflect only the price performance of BNB (less Trust expenses) and will not reflect any staking rewards that may be earned by direct holders of BNB who participate in staking. Foregoing potential staking rewards from Staking Activities could cause an investment in Shares of the Trust to deviate from that which might have been obtained by purchasing and holding BNB directly by virtue of giving up staking as a source of return when an investor holds Shares of the Trust. The Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective.

The Trust is sponsored by VanEck Digital Assets, LLC (the “Sponsor”), a wholly-owned subsidiary of Van Eck Associates Corporation (“VanEck”), a U.S. registered investment adviser with approximately $199.1 billion in assets under management as of March 31, 2026. The Sponsor is not registered as an investment adviser and currently is not required to register under the Advisers Act in connection with its activities on behalf of the Trust. The Trust, the Sponsor and the service providers will not loan or pledge the Trust’s assets, nor will the Trust’s assets serve as collateral for any loan or similar arrangement.