SEC Filing Document

Company: Grayscale BNB ETF
Ticker: GBNB
CIK: 2106762
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-04-07
Accession Number: 0001193125-26-145494
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2106762/000119312526145494/bnb_s-1_amendment_1.htm

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of the Shares; the limited history of the Index; the lack of active trading markets for the Shares, which may result in losses on investors’ investments at the time of disposition of Shares; the possibility that illiquid markets may exacerbate losses or increase the variability between the Trust’s NAV and its market price; the possibility that there may be less liquidity or wider spreads in the market for the Shares as compared to the shares of other spot BNB exchange-traded products, if and when the listing of such products has been approved; competition from the emergence or growth of other digital assets could have a negative impact on the price of BNB and adversely affect the value of the Shares; the liquidity of the Shares may be affected if Authorized Participants cease to perform their obligations under the Participant Agreements or the Liquidity Engager is unable to engage Liquidity Providers;

the possibility that the Shares may trade at a price that is at, above or below the Trust’s NAV per Share as a result of the non-concurrent trading hours between NASDAQ and the Digital Asset Trading Platform Market;

regulatory changes or actions by the U.S. Congress or any U.S. federal or state agencies that may affect the value of the Shares or restrict the use of one or more digital assets, validating activity or the operation of their networks or the Digital Asset Trading Platform Market in a manner that adversely affects the value of the Shares;

a determination that BNB or any other digital asset is or involves a transaction in a “security” may adversely affect the value of BNB and the value of the Shares and result in potentially extraordinary, nonrecurring expenses to, or termination of, the Trust;

changes in the policies of the U.S. Securities and Exchange Commission (the “SEC”) that could adversely impact the value of the Shares;

regulatory changes or other events in foreign jurisdictions that may affect the value of the Shares or restrict the use of one or more digital assets, validating activity or the operation of their networks or the Digital Asset Trading Platform Market in a manner that adversely affects the value of the Shares;

the possibility that an Authorized Participant, the Trust or the Sponsor could be subject to regulation as a money service business or money transmitter, which could result in extraordinary expenses to such Authorized Participant, the Trust or the Sponsor and also result in decreased liquidity for the Shares;

regulatory changes or interpretations that could obligate the Trust or the Sponsor to register and comply with new regulations, resulting in potentially extraordinary, nonrecurring expenses to the Trust;

potential conflicts of interest that may arise among the Sponsor or its affiliates and the Trust;

the potential discontinuance of the Sponsor’s continued services, which could be detrimental to the Trust;

the limited ability to facilitate in-kind creations and redemptions of Shares, which could have adverse consequences for the Trust;

the limited ability to participate in Staking (as defined herein) to the extent the Staking Condition (as defined herein) is not satisfied, which could have adverse consequences for the Trust;

the risk of loss of BNB from Staking, which could adversely affect the value of the Shares;

the inaccessibility of staked BNB tokens for a variable period of time, which could result in certain liquidity risks to the Trust;

the uncertain regulatory landscape surrounding Staking;

potential tax liabilities for beneficial owners of Shares without receiving corresponding distributions from the Trust in connection with Staking;

the Trust’s reliance on third-party service providers to perform certain functions essential to the affairs of the Trust and the challenges replacement of such service providers could pose to the safekeeping of the Trust’s BNB and to the operations of the Trust; and

the Custodian’s possible resignation or removal by the Sponsor or otherwise, without replacement, which could trigger early termination of the Trust.

Consequently, all forward-looking statements made in this prospectus are qualified by these cautionary statements, and there can be no assurance that the 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 the Shares. Should one or more of these risks discussed in “Risk Factors” in this prospectus, or other uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those described in forward-looking statements. Forward-looking statements are made based on the Sponsor’s beliefs, estimates and opinions on the date the statements are made and neither the Trust nor the Sponsor is under a duty or undertakes an obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, other than as required by applicable laws.

Prospectus Summary

This summary highlights information contained elsewhere in this prospectus. This summary may not contain all of the information that you should consider before deciding to invest in the Shares. You should read this entire prospectus carefully, including the “Risk Factors” section and the consolidated financial statements and the notes to those statements, before making an investment decision about the Shares.

Grayscale BNB ETF

Trust Overview

Grayscale BNB ETF (the “Trust”) is a Delaware Statutory Trust that was formed on January 8, 2026, by the filing of the Certificate of Trust with the Delaware Secretary of State in accordance with the provisions of the Delaware Statutory Trust Act (“DSTA”). The Trust’s purpose is to hold “BNB”, which are digital assets that are created and transmitted through the operations of the peer-to-peer BNB Smart Chain, a decentralized network of computers that operates on cryptographic protocols. Unlike other digital assets such as Bitcoin, which are solely created through a progressive mining process, 200 million BNB were created in connection with the launch of the precursor blockchain to the BNB Smart Chain. Out of the 200 million initially issued BNB, approximately 136.4 million BNB remain in circulation as of March 31, 2026. As of March 31, 2026, the 24-hour trading volume of BNB was approximately $285.5 million. As of March 31, 2026, the aggregate market value of BNB was $84.1 billion. As of March 31, 2026, BNB was the fourth largest digital asset by market capitalization, as tracked by CoinMarketCap.com.

As a passive investment vehicle, the Trust’s investment objective is for the value of the Shares (based on BNB per Share) to reflect the value of BNB held by the Trust, including BNB earned as Staking Consideration (to the extent that the Staking Condition is satisfied and Staking is implemented), determined by reference to the Index Price, less the Trust’s expenses and other liabilities. The Trust does not seek to generate returns beyond tracking the price of BNB and any BNB earned as Staking Consideration (to the extent that the Staking Condition is satisfied and Staking is implemented). There can be no assurance that the Trust will be able to achieve its investment objective. The Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective.

From and after the date of this prospectus, the Trust intends to issue Shares on an ongoing basis pursuant to this registration statement, intends to rely on an exemption or other relief from the SEC under Regulation M to operate a redemption program, and intends to list the Shares on NASDAQ under the symbol “GBNB.” The Shares will be distributed by Authorized Participants who will be able to take advantage of arbitrage opportunities to keep the value of the Shares closely linked to the Index Price (referred to as the “arbitrage mechanism”). In particular, upon listing on NASDAQ, the Sponsor expects there to be a net creation of Shares if the Shares trade at a premium to NAV per Share and a net redemption of Shares if the Shares trade at a discount to NAV per Share, representing the effective functioning of the arbitrage mechanism.

Thereafter, it is expected that the Shares will be sold by the Authorized Participants to the public at varying prices to be determined by reference to, among other considerations, the price of the BNB represented by each Share and the trading price of the Shares on NASDAQ at the time of each sale.

Grayscale Investments Sponsors, LLC (“GSIS”), an consolidated subsidiary of Digital Currency Group, Inc. (“DCG”), is the Sponsor of the Trust. CSC Delaware Trust Company is the trustee (the “Trustee”) of the Trust, The Bank of New York Mellon is the transfer agent (in such capacity, the “Transfer Agent”) and the administrator (in such capacity, the “Administrator”) of the Trust, Continental Stock Transfer & Trust Company is the co-transfer agent of the Trust (the “Co-Transfer Agent”), Coinbase, Inc. is the prime broker (the “Prime Broker”) of the Trust and Coinbase Custody Trust Company, LLC is the custodian (the “Custodian”) of the Trust.