SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-03-16
Accession Number: 0001628280-26-017834
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2066824/000162828026017834/vaneckbnbs-1a3.htm

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acting as an agent, nor at the direction, of the Authorized Participant with respect to the delivery of BNB to the Trust (such third party, a "Liquidity Provider"). For a redemption in cash, the Sponsor shall arrange for the BNB represented by the Basket to be sold to a Liquidity Provider selected by the Sponsor and the cash proceeds to be distributed from the Trust's account at the Cash Custodian to the Authorized Participant in exchange for their Shares. For an "in-kind" subscription, Authorized Participants will deliver, or arrange for the delivery by the Authorized Participant's designee of, BNB to the Trust's account with the BNB Custodian in exchange for Shares when they purchase Shares. For an "in-kind" redemption transaction with the Trust, when Authorized Participants redeem Shares, the Trust, through the BNB Custodian, will deliver BNB to such Authorized Participants, or a designee thereof, in exchange for their Shares.

Following an Authorized Participant's subscription in cash for a Basket and issuance by the Trust of the corresponding Shares to such AP, Authorized Participants may then offer Shares to the public at prices that depend on various factors, including the supply and demand for Shares, the value of the Trust's assets, and market conditions at the time of a transaction. Shareholders who buy or sell Shares during the day from their broker may do so at a premium or discount relative to the net asset value of the Shares of the Trust.

Except when aggregated in Baskets, Shares are not redeemable securities. Baskets are only redeemable by Authorized Participants.

Shareholders who decide to buy or sell Shares of the Trust will place their trade orders through their brokers and may incur customary brokerage commissions and charges. Prior to this offering, there has been no public market for the Shares. The Shares are expected to be approved for listing, subject to notice of issuance, on the Exchange under the ticker symbol VBNB.

Investing in the Trust involves risks similar to those involved with an investment directly in BNB and other significant risks. See "Risk Factors" beginning on page 15.

The offering of the Trust's Shares is registered with the SEC in accordance with the Securities Act of 1933, as amended (the "1933 Act"). The offering is intended to be a continuous offering. The Trust is not registered under the Investment Company Act of 1940, as amended (the "1940 Act") and is not subject to regulation under the 1940 Act. The Trust is not a commodity pool for purposes of the Commodity Exchange Act of 1936, as amended (the "CEA"), and the Sponsor is not subject to regulation by the Commodity Futures Trading Commission (the "CFTC") as a commodity pool operator or a commodity trading advisor. The Trust's Shares are neither interests in nor obligations of the Sponsor or the Trustee.

On November 14, 2025, Van Eck Associates Corporation (the "Seed Capital Investor"), the parent of Sponsor, subject to certain conditions, purchased the "Seed Shares," comprising 4,000 Shares at a per-Share price of $25,000. Delivery of the Seed Shares was made on November 14, 2025. Total proceeds to the Trust from the sale of the Seed Shares were $100,000. Prior to the listing of the Shares on the Exchange, the Seed Shares will be redeemed for cash and the Seed Capital Investor will purchase the "Seed Creation Baskets," comprising of [     ] Shares at a per-Share price equal to [     ] BNB. The price of the BNB will be determined using the Index on the date of the purchase of the Seed Creation Baskets. Total proceeds to the Trust from the sale of the Seed Creation Baskets were [     ] BNB. Delivery of the Seed Creation Baskets was made on [     ], 2025. The Seed Capital Investor has acted as a statutory underwriter in connection with this purchase.

The price of the Seed Creation Baskets was determined as described above and such Shares could be sold at different prices if sold by the Seed Capital Investor at different times.

The value of BNB and, therefore, the value of the Trust's Shares could decline rapidly, including to zero. You could lose your entire investment. The Shares are neither insured nor guaranteed by the Federal Deposit Insurance Corporation, or any other governmental agency or other person or entity. The Shares are not interests in nor obligations of nor guaranteed by any of the Sponsor, the Trustee, Seed Capital Investor, MarketVector, the Administrator, the Cash Custodian, the BNB Custodian, any Liquidity Provider or their respective affiliates.

AN INVESTMENT IN THE TRUST INVOLVES SIGNIFICANT RISKS AND MAY NOT BE SUITABLE FOR SHAREHOLDERS THAT ARE NOT IN A POSITION TO ACCEPT MORE RISK THAN MAY BE INVOLVED WITH OTHER EXCHANGE-TRADED PRODUCTS THAT DO NOT HOLD BNB OR INTERESTS RELATED TO BNB. THE SHARES ARE SPECULATIVE SECURITIES. THEIR PURCHASE INVOLVES A HIGH DEGREE OF RISK AND YOU COULD LOSE YOUR ENTIRE INVESTMENT. YOU SHOULD CONSIDER ALL RISK FACTORS BEFORE INVESTING IN THE TRUST. PLEASE REFER TO "RISK FACTORS" BEGINNING ON PAGE 15.

NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OFFERED IN THIS PROSPECTUS, OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

THE TRUST IS AN "EMERGING GROWTH COMPANY" AS THAT TERM IS USED IN THE JUMPSTART OUR BUSINESS STARTUPS ACT (THE "JOBS ACT") AND, AS SUCH, MAY ELECT TO COMPLY WITH CERTAIN REDUCED REPORTING REQUIREMENTS.

The date of this Prospectus is           , 2026

TABLE OF CONTENTS

Page

STATEMENT REGARDING FORWARD-LOOKING STATEMENTS	ii

PROSPECTUS SUMMARY	1

RISK FACTORS	15

BNB , BNB MARKET, BNB EXCHANGES AND REGULATION OF BNB	85

THE TRUST AND BNB PRICES	96

NET ASSET VALUE DETERMINATIONS	101

ADDITIONAL INFORMATION ABOUT THE TRUST	111

THE TRUST'S SERVICE PROVIDERS	116

CUSTODY OF THE TRUST'S ASSETS	125

FORM OF SHARES	128

TRANSFER OF SHARES	129

PLAN OF DISTRIBUTION	130

CREATION AND REDEMPTION OF SHARES	132

USE OF PROCEEDS	140

OWNERSHIP OR BENEFICIAL INTEREST IN THE TRUST	141

CONFLICTS OF INTEREST	142

DUTIES OF THE SPONSOR	144

LIABILITY AND INDEMNIFICATION	146

PROVISIONS OF LAW	149

MANAGEMENT; VOTING BY SHAREHOLDERS	150

BOOKS AND RECORDS	151

STATEMENTS, FILINGS, AND REPORTS TO SHAREHOLDERS	152

FISCAL YEAR	153

GOVERNING LAW; CONSENT TO DELAWARE JURISDICTION	154

LEGAL MATTERS	155

EXPERTS	155

MATERIAL CONTRACTS	156

UNITED STATES FEDERAL INCOME TAX CONSEQUENCES	158

PURCHASES BY EMPLOYEE BENEFIT PLANS	163

INFORMATION YOU SHOULD KNOW	164

SUMMARY OF PROMOTIONAL AND SALES MATERIAL	165

INTELLECTUAL PROPERTY	166

WHERE YOU CAN FIND MORE INFORMATION	167

PRIVACY POLICY	168

APPENDIX A GLOSSARY OF DEFINED TERMS	A- 1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING	F-1

VANECK BNB ETF STATEMENT OF ASSETS AND LIABILITIES	F-2

This Prospectus contains information you should consider when making an investment decision about 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