SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-04-28
Accession Number: 0001628280-26-027783
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2066824/000162828026027783/vaneckbnbs-1a4.htm

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Word Count: 1425
Character Count: 9447

Document Content:

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.

The IIV disseminated during the Exchange core trading session hours should not be viewed as an actual real time update of the NAV, because NAV per Share is calculated only once at the end of each trading day based upon the relevant end of day values of the Trust’s investments. The Trust will provide the IIV per Share updated every 15 seconds, as calculated by the Exchange or a third-party financial data provider during the Exchange’s regular trading hours (9:30 a.m. to 4:00 p.m. E.T.). The IIV will be disseminated on a per Share basis every 15 seconds during regular Exchange core trading session hours of 9:30 a.m. Eastern time to 4:00 p.m. Eastern time. ICE Data Indices, LLC will disseminate the IIV value through the facilities of CTA/CQ High Speed Lines. In addition, the indicative fund value will be published on the Exchange’s website and will be available through on-line information services such as Bloomberg and Reuters. The IIV may differ from the NAV due to the differences in the time window of trades used to calculate each price (the NAV uses a sixty-minute window, whereas the IIV draws prices from the last trade on each exchange in an effort to produce a relevant, real-time price). The Sponsor does not believe this will cause confusion in the marketplace, as Authorized Participants are the only Shareholders who interact with the NAV and the Sponsor will communicate its NAV calculation methodology clearly.

There are many instances in the market today where the IIV and the NAV of an ETF are subtly different, whether due to the calculation methodology, market hours overlap or other factors. The Sponsor has seen limited or no negative impact on trading, liquidity or other factors for exchange-traded funds in this situation. The Sponsor believes that the IIV will closely track the globally integrated BNB price as reflected on the contributing real BNB trading platforms.

Dissemination of the IIV provides additional information that is not otherwise available to the public and is useful to Shareholders and market professionals in connection with the trading of the Trust’s Shares on the Exchange. Shareholders and market professionals will be able throughout the trading day to compare the market price of the Trust and the IIV. If the market price of the Trust’s Shares diverges significantly from the IIV, market professionals will have an incentive to execute arbitrage trades. For example, if the Trust appears to be trading at a discount compared to the IIV, a market professional could buy the Trust’s Shares on the Exchange and sell short futures contracts. Such arbitrage trades can tighten the tracking between the market price of the Trust and the IIV and thus can be beneficial to all market participants.

The Trust does not expect that price differentials for BNB across exchanges would have a meaningful impact on this arbitrage mechanism. Furthermore, the Trust does not expect that the closure of any single one exchange would meaningfully impact the arbitrage mechanism because Liquidity Providers typically source underlying spot BNB liquidity from multiple exchanges. The Trust acknowledges, however, that this arbitrage mechanism could potentially be adversely impacted if halts in the trading of spot BNB were to occur across multiple exchanges, whether due to breaches or otherwise. See “Risk Factors-- BNB spot exchanges are not subject to same regulatory oversight as traditional equity exchanges, which could negatively impact the ability of Authorized Participants and Liquidity Providers to implement arbitrage mechanism” for additional information on these risks.