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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known to them. Legal Opinion Sidley Austin LLP has advised the Sponsor in connection with the Shares being offered and has also rendered an opinion regarding the material federal income tax consequences relating to the shares. Sidley Austin LLP also advises the Sponsor with respect to its responsibilities as sponsor of, and with respect to matters relating to, the Trust. Certain opinions of counsel will be filed with the SEC as exhibits to the Registration Statement of which this Prospectus is a part. EXPERTS The financial statement of VanEck BNB ETF are included herein in reliance on the report of Cohen & Company, Ltd., an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. MATERIAL CONTRACTS Administration and Accounting Agreement On November 13, 2025, the Trust entered into an administration and accounting agreement (the “Administration and Accounting Agreement”) with the Administrator.

Pursuant to the Administration and Accounting Agreement, the Administrator is generally responsible for the furnishing certain administrative services to the Trust. The responsibilities of the Administrator include: (i) providing administrative, tax and accounting services and financial reporting for the maintenance and operations of the Trust; (ii) valuing the Trust’s BNB; (iii) calculating the net asset value per Share of the Trust and the net asset value of the Trust; (iv) supplying pricing information to the Sponsor for the Trust’s website; and (v) providing the office space, equipment, personnel and facilities required such services.

The Administration Agreement will have a one-year initial term and will automatically be renewed for successive one-year periods, unless terminated pursuant to the terms of the agreement.

Cash Custody Agreement

On November 13, 2025, the Trust entered into an administration and accounting agreement (the “Cash Custody Agreement”) with the Cash Custodian.

Pursuant to the Cash Custody Agreement, the Cash Custodian is generally responsible for, among other things, (i) opening and maintaining a separate deposit account or accounts of the Trust; (ii) determining the amount of BNB and/or cash required for an issuance or redemption of shares in a Basket; and (iii) releasing and delivering non-BNB assets and pay out cash.

The Cash Custody Agreement will have a one-year initial term and will automatically be renewed for successive one-year periods, unless terminated pursuant to the terms of the agreement.

Custody Agreement

On November 14, 2025, the Trust entered into a master custody service agreement with Anchorage Digital Bank N.A., as BNB Custodian, as amended from time to time, including the first amendment thereto dated November 18, 2025 (the “Custody Agreement”).

Pursuant to the Custody Agreement, the BNB Custodian is generally responsible for making the BNB Account available to the Trust. The responsibilities of the BNB Custodian also include: (i) maintaining the BNB Account; (ii) providing the Trust with access to the Fiat Account; (iii) allowing BNB to be deposited from a public blockchain address to the Trust’s BNB Account; and (iv) allowing BNB to be withdrawn from the BNB Account to a public blockchain address as instructed by the Trust.

The Custody Agreement will have a three-year initial term and will automatically be renewed for successive one-year periods, unless terminated pursuant to the terms of the agreement.

Transfer Agency Agreement

On November 13, 2025, the Trust entered into a transfer agency and service agreement (the “Transfer Agency Agreement”) with the Transfer Agent.

Pursuant to the Transfer Agency Agreement, the Transfer Agent is generally responsible for the day-to-day administration of the Trust. The responsibilities of the Transfer Agent include: (i) establishing and maintaining each Authorized Participant’s account in the Trust; (ii) receiving and processing orders for the purchase of creation units from the Sponsor or Trust and deliver any cash payment to the custodian; (iii) receiving and processing redemption requests and directions from the Sponsor or Trust; and (iv) recording the issuance of Shares of the Trust and maintaining a record of the total number of Shares of the Trust which are issued and outstanding, based upon data provided to it by the Trust.

The Transfer Agreement will have a one-year initial term and will automatically be renewed for successive one-year periods, unless terminated pursuant to the terms of the agreement.

Marketing Agreement

On November 19, 2025, the Sponsor entered into a marketing agent agreement (the “Marketing Agreement”) with the Marketing Agent.

Under the Marketing Agreement, the Sponsor has agreed to develop and prepare, subject to the review and written approval of the Marketing Agent, marketing materials for the Trust, which will comply with all applicable laws, rules and regulations in all material respects. The Sponsor shall prepare and make all regulatory filings for all marketing materials prepared by either party on a timely basis.

The Marketing Agreement also provides that the Marketing Agent shall develop and prepare, subject to the review and written approval of the Sponsor, marketing materials for the Trust, which will comply with all applicable laws, rules and regulations in all material respects. If the Marketing Agent becomes the sponsor of the trust, it shall prepare and make all regulatory filings for all marketing materials prepared by either party on a timely basis.

The Marketing Agent will use its best efforts to market the Shares in accordance with the terms of the Marketing Agreement. In addition, the Marketing Agent will develop a “landing page” for the Trust, which can be part of an existing non-exclusive website. The website may include, among other things, sales material, prospectuses, and closing prices.

Sublicense Agreement

On November 19, 2025, the Trust entered into an index sublicense agreement (the “Sublicense Agreement”) with the Sponsor, pursuant to which the Sponsor has granted the Trust within the scope of the Sponsor’s rights under its license agreement with MarketVector, a transferable, worldwide license to use (i) the MarketVector™ BNB Benchmark Rate and (ii) the trade name and service mark rights to “Market Vector.” The Sublicense Agreement is effective for three years and shall automatically renew for successive one-year terms unless the Trust terminates the agreement in accordance with the terms of the Sublicense Agreement or provides notice of its intent to not renew the Sublicense Agreement.

UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The following is a discussion of the material U.S. federal income tax consequences that generally will apply to the purchase, ownership and disposition of Shares by a U.S. Shareholder (as defined below). The discussion below is based on the Code, Treasury Regulations promulgated thereunder and judicial and administrative interpretations of the Code, all as in effect on the date of this Prospectus and all of which are subject to change either prospectively or retroactively. The tax treatment of Shareholders may vary depending upon their own particular circumstances. Certain Shareholders (including but not limited to banks, financial institutions, insurance companies, regulated investment companies, real estate investment trusts, tax-exempt organizations, tax-exempt or tax-advantaged retirement plans or accounts, non-U.S. persons, brokers or dealers, traders, entities that are partnerships or S-corporations for U.S. federal income tax purposes, persons holding Shares as a position in a “hedging,” “straddle,” “conversion,” “constructive sale” or other integrated transaction for U.S. federal income tax purposes, persons whose “functional currency” is not the U.S. dollar, persons subject to the federal alternative minimum tax, persons required for U.S. federal income tax purposes to accelerate the recognition of any item of gross income with respect to the Shares as a result of such income being recognized on an applicable financial statement, or other investors with special circumstances) may be subject to special rules not discussed below. In addition, the following discussion applies only to investors who will hold Shares as “capital assets” (generally, property held for investment). Moreover, the discussion below does not address the effect of any state, local or foreign tax law consequences (or any consequences under any U.S. federal tax law other than U.S. federal income tax law) that may apply to an investment in Shares. Purchasers of Shares are urged to consult their own tax advisers with respect to all U.S. federal, state, local and foreign tax law considerations potentially applicable to their investment in Shares.

For purposes of this discussion, a “U.S. Shareholder” is a Shareholder that is:

•an individual who is treated as a citizen or resident of the United States for U.S. federal income tax purposes;

•a corporation (or entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia;

•an estate, the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or

•a trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons have the authority to control all substantial decisions of the trust.