SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2025-11-21
Accession Number: 0001628280-25-053634
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2066824/000162828025053634/vaneckbnbs-1a2.htm

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loan or pledge the Trust's assets, which may in the future include staked assets, nor will the Trust's assets serve as collateral for any loan or similar arrangement. The Trust is not actively managed. It does not engage in any activities designed to obtain a profit from, or to ameliorate losses caused by, changes in the price of BNB. The Sponsor believes that the Trust will provide a cost-efficient way for Shareholders to implement strategic and tactical asset allocation strategies that use BNB by investing in the Trust's Shares rather than purchasing, holding and trading BNB directly. The latter alternative would require selecting a BNB trading platform and opening an account or arranging a private transaction, establishing a personal computer system capable of transacting directly on the blockchain, and incurring the risks associated with maintaining and protecting a private key that is irrecoverable if lost, among other difficulties. BNB Value

The value of BNB is determined by the value that various market participants place on BNB through their transactions. The most common means of determining the value of a BNB is by surveying one or more BNB trading platforms where BNB is traded publicly and transparently. The price of BNB on the BNB market has exhibited periods of extreme volatility, which could have a negative impact on the performance of the Trust.

On exchanges, BNB is traded with publicly disclosed valuations for each executed trade, measured by (i) one or more fiat currencies such as the U.S. dollar or Euro or (ii) one or more digital assets, including stablecoins (referred to as “pairs”). OTC dealers or market makers do not typically disclose their trade data.

Currently, there are many exchanges operating worldwide, representing a substantial percentage of BNB buying and selling activity, and providing the most data with respect to prevailing valuations of BNB. The below table reflects the average daily trading volume (in thousands of USD) of each of the five highest-ranked BNB exchanges (as ranked by BITA GmbH) included in the MarketVectorTM BNB Index as of November 19, 2025, using data reported by MarketVector from November 1, 2024 to October 31, 2025:

BNB Top Five Ranked Exchanges included in the MarketVectorTM BNB Index as of November 19, 2025 Average Daily Volume
Binance 119,222,233.37
Kraken $	336,550.45
Coinbase $	35,850.97
bybit $	7,759,032.47
OKEX $	6,634,849.16

The market share for BNB/USD trading of the five highest-ranked BNB trading platforms over the past four calendar quarters (including the current calendar quarter) is shown in the table below:

Period Binance Kraken Coinbase bybit OKEX Others

*Source: MarketVector

Trust Structure

The Sponsor designed the Trust in what it believes is a straight-forward structure to provide exposure to BNB. By utilizing the MarketVectorTM BNB Index, the Trust draws prices for its Shares off of what is in effect a "consolidated tape" for BNB, similar to the consolidated tapes or "ticker tapes" used by major stock exchanges to report trades and quotes. The term "consolidated" refers to the fact that securities, or digital assets like BNB, often trade on more than one exchange, and a consolidated tape reports not only a security's trading activity on its primary listing exchange but the trading activity on all or substantially all exchanges on which it is traded. However, the global BNB market is not subject to comparable regulatory guardrails as regulated securities markets. See "Risk Factors—Due to the unregulated nature and lack of transparency surrounding the operations of BNB trading platforms, which may be subject to regulation in relevant jurisdiction, but may not be complying, they may experience fraud, manipulation, security failures or operational problems, which may adversely affect the value of BNB and, consequently, the value of the Shares."

The use of the MarketVectorTM BNB Index is designed to eliminate from the NAV calculation pursuant to which the Trust prices its Shares those BNB trading platforms with indicia of suspicious, fake, or non-economic volume. However, there is no guarantee that such measures will be effective. See "Risk Factors— The MarketVectorTM BNB Index may be affected by manipulative or fraudulent practices in the global BNB market or at constituent trading platforms." In addition, the use of [over 15] BNB trading platforms is designed to mitigate the potential for idiosyncratic exchange risk, as the failure of any individual BNB trading platform should not materially impact pricing for the Trust. Moreover, any attempt to manipulate the NAV would require a substantial amount of capital distributed across a majority of the exchanges, and potentially coordinated activity across those exchanges, making it more difficult to conduct, profit from, or avoid the detection of market manipulation. The Sponsor believes that this is especially true in a well-arbitraged and distributed market, as MarketVector believes the real BNB market to be.

In addition to the above safeguards, the MarketVectorTM BNB Index utilizes the volume-weighted average price (“VWAP”) of each trading platform to measure average priced during a determined period, whereby the average considers weights that have been adjusted for the volume of the underlying transaction. The VWAP data of the eligible trading platforms is aggregated by BITA GmbH (as calculation agent and data provider) to produce the MarketVector BNB Index price, which is a VWAP of the aggregated VWAPs of the underlying trading platforms. The data includes BNB transactions for USD and USDC, USDT and BTC “pairs”. The prices are determined based on 60 observation periods of all transactions in every minute of a given hour. The use of the ongoing 60 observation periods across multiple global trading platforms means a malicious actor would need to sustain efforts to manipulate the market over an extended period of time on multiple exchanges at a high transactional value, or would need to replicate efforts multiple times, potentially triggering review from the exchange or regulators, or both.

Description of the MarketVectorTM BNB Index Construction and Maintenance

The Sponsor has entered into a licensing agreement with MarketVector to use the MarketVectorTM BNB Index. The Trust is entitled to use the MarketVectorTM BNB Index pursuant to a sub-licensing arrangement with the Sponsor. The MarketVectorTM BNB Index is a U.S. dollar-denominated composite reference rate for the price of BNB. The index administrator is MarketVector Indexes GmbH, a wholly-owned subsidiary of VanEck. On each day that the Exchange is open for regular trading, as promptly as practical after 4:00 p.m. Eastern time, the

Administrator determines the NAV of the Trust, based on the MarketVectorTM BNB Index. In determining the Trust's NAV, the Administrator values the BNB held by the Trust based on the price set by the MarketVectorTM BNB Index as of 4:00 p.m. Eastern time.

The Index is calculated daily between 00:00 and 24:00 (CET) and the Index values are disseminated every second to data vendors. The Index is disseminated in USD and the closing and intraday value is calculated over pursuant to a methodology referred to as an volume-weighted average of the volume-weighted average price of each eligible exchanges. The intra-day data available in the MarketVectorTM BNB Index is published every second throughout each trading day. The intra-day levels and closing levels of the MarketVectorTM BNB Index are published by MarketVector.

The underlying exchanges are sourced from the industry leading BITA Cryptocurrency Real-Time Rates, which is issued by BITA GmbH. BITA GmbH (“BITA”) is a Germany-based fintech company that provides enterprise-grade indexes, data and infrastructure to institutions operating in the passive and quantitative investment spaces. Active in the digital asset industry since 2018, BITA GmbH provides crypto calculation, index administration and infrastructure solutions to financial institutions globally. BITA reviews various trading exchanges and analyzes such exchanges to determine whether the exchanges should be approved as a data source (approved exchanges are referred to by BITA as “whitelisted”). BITA’s methodology for evaluating exchanges utilizes a combination of qualitative and quantitative metrics to analyze a comprehensive data set, covering five categories of evaluation. The categories of evaluation include regulatory standing, trading volume and liquidity, data quality, technology and usability/coverage. BITA evaluates each category of each exchange with respect to each different digital asset, with different weights assigned to each category to arrive at a “total score” for each exchange. BITA then ascribes a rating to each exchange and determines the minimum total score for an exchange to be included in each pricing index. Each qualifying exchanges is then ranked by BITA according to their “total score” to determine their BITA ranking, which determines the weighting of such exchange in the MarketVector BNB Index.