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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control over a relatively small number of validator positions could enable coordinated actors to exert disproportionate influence over the network. If a malicious actor were to obtain control over, or collude with, a sufficient number of validators participating in the proof-of-staked-authority mechanism, such actor could potentially censor transactions, reorder transactions, delay block production, or otherwise interfere with the normal operation of the BNB Smart Chain. Similarly, if a significant number of validators were to cease participation simultaneously, whether due to technical failures, regulatory developments, economic disincentives or coordinated action, the resulting reduction in validator participation could lower the effective security threshold of the network and increase the feasibility of a malicious actor obtaining control. Any such successful attack, prolonged network instability, or perception that the validator structure is insufficiently decentralized could adversely affect market confidence in BNB, decrease the price of BNB, and negatively impact the value of the Shares.

Slashing on the BNB Smart Chain is implemented primarily through protocol-level mechanisms, including system smart contracts that automatically enforce penalties for certain validator misconduct, such as excessive downtime, double-signing, or malicious voting. These penalties may include the loss of block rewards, reductions in a validator’s self-delegated stake, and temporary removal (“jailing”) from the active validator set. Based on publicly available on-chain data since 2020, slashing events have occurred periodically, with the vast majority relating to automated downtime penalties. More severe penalties, such as those relating to double-signing or malicious voting, have historically been rare relative to the total number of blocks produced. Slashing penalties apply to a validator’s self-delegated BNB and do not directly reduce the principal of BNB delegated by third parties. However, delegators may lose potential staking rewards during periods in which a validator is jailed or otherwise unable to participate in block production. Although slashing rules are embedded in protocol-level mechanisms, certain parameters, including thresholds and penalty amounts, may be modified through governance processes.

opBNB

opBNB is a layer 2 blockchain built on top of the BNB Smart Chain. opBNB was built using the Optimism OP Stack and employs Optimistic Rollup, a Layer 2 scaling solution whereby nodes process transactions off-chain and then submit them to the BNB Smart Chain. Transactions processed by the nodes are assumed to be valid, but are subject to a seven-day “challenge period” during which users can raise challenges against the validity of the transactions or the execution results.

BNB Greenfield

BNB Greenfield is a Layer 1 blockchain with decentralized data storage capabilities. BNB Greenfield is designed to offer users greater freedom in creating, owning, sharing, executing, and trading their data assets, while also providing transparency on how their data is owned and used. BNB Greenfield itself does not have smart contract functionality.

BNB Greenfield has a proof-of-stake consensus mechanism. The proof-of-stake consensus mechanism is supported by a group of validators that are authorized to validate transactions and create new blocks. Validators on BNB Greenfield are also responsible for relaying cross-chain information to BNB Smart Chain and for testing the integrity and availability of data provided by service providers by challenging their data availability.

BNB Greenfield is also supported by storage providers. Storage providers provide publicly accessible application programming interfaces that allow users to upload, download, manage, and authenticate data.

Development of the BNB Chain Ecosystem and BNB

Although the technical and strategic development was originally initiated by Binance, the BNB Chain ecosystem is now supported by a large number of participants. The BNB Chain ecosystem community coordinates governance processes through a shared governance mechanism (e.g., BEP proposals and validator consensus), and no single person or entity has the formal ability to unilaterally amend or change the BNB Chain ecosystem’s source code. There can be no assurance that certain entities, such as Binance, which issued BNB tokens and oversees certain features of BNB on an ongoing basis (such as periodic burns), or affiliated persons thereof do not exercise control or informal influence, such as through their ongoing involvement in the BNB Chain ecosystem operations or

their large holdings of BNB, which could give them, among other powers, the ability to play a role in validator selection, should they choose to exercise it, by allocating their BNB holdings among validators, who are chosen in part based on the quantity of assets staked with them. See “Risk Factors—BNB And The BNB Chain Ecosystem Have Links To, And May Be Controlled By, Binance And Its Principals”.

Governance on BNB Smart Chain

BNB Smart Chain incorporates a communal governance framework that enables token holders and validators to influence the network’s evolution. Governance occurs primarily through BNB Evolution Proposals (BEPs) and validator consensus. Proposals may address technical upgrades, parameter adjustments (such as gas limits or slashing thresholds), or changes to the validator set size, which can be increased through community governance.

Validators and delegators can vote on proposals using on-chain mechanisms implemented in BNB Smart Chain governance contracts. Holders of BNB do not participate in BNB Smart Chain on-chain governance merely by holding unstaked BNB. Rather, on-chain governance voting power is generally tied to staking credit. BNB holders who stake BNB with validators may participate in governance by delegating their voting power to themselves, in which case they may vote directly on proposals, or by delegating their voting power to a validator or another delegate to vote on their behalf. A delegator may therefore exercise direct influence if it votes directly, or indirect influence if it delegates voting power to a validator or other delegate. Validators or other delegates may have incentives to act in a manner consistent with the preferences of delegators who have delegated voting power to them, but there can be no assurance that they will do so. As in any governance system where voting power is based on the amount of stake or voting power held or delegated, larger stakers or persons receiving significant delegated voting power may have greater influence over governance outcomes. Accepted proposals are executed through protocol updates coordinated by validators and core developers, and no single entity can unilaterally amend network rules. This process, together with open-source development and validator elections, is intended to contribute to the network’s communal governance framework and transparency.

The BNB token

BNB is the native token of the BNB Smart Chain and serves as the base (“gas”) currency for transactions, smart contract interactions and deployment, as a governance token on BNB Smart Chain that allows token holders to participate in the governance of the network, and can currently be used to obtain discounts on trading fees on Binance. BNB was introduced in 2017 as an ERC-20 token on the Ethereum network and later migrated to the Binance Chain and BNB Smart Chain. BNB can be staked to help secure the network and earn staking rewards.

BNB was initially issued with a maximum supply target of 200 million tokens. However, the total number of BNB tokens in circulation is variable and subject to change over time, and the total supply is gradually reduced through a token burn mechanism, which permanently removes tokens from circulation based on usage and predefined rules. While this mechanism aims to reduce overall supply and support long-term scarcity, it does not guarantee a fixed or minimum future supply, and actual circulating amounts may vary due to market activity and on-chain dynamics. This mechanism means that risks remain with regard to changes in supply, as this is not guaranteed. As of April 22, 2026, BNB’s market capitalization is approximately $87 billion, placing it among the top five cryptocurrencies globally (coinmarketcap.com), with an average daily trading volume of approximately $564.5 million (coinmarketcap.com, glassnode).

Smart Contracts and Development on the BNB Smart Chain

Smart contracts are programs that run on a blockchain that can execute automatically when certain conditions are met. Smart contracts facilitate the exchange of anything representative of value, such as money, information, property, or voting rights.

Using smart contracts, users can send or receive digital assets, create markets, store registries of debts or promises, represent ownership of property or a company, move funds in accordance with conditional instructions and create new digital assets.

Development on the BNB Smart Chain involves building more complex tools on top of smart contracts, such as decentralized apps (“dApps”) and organizations that are autonomous, known as decentralized autonomous organizations (“DAOs”). For example, a company that distributes charitable donations on behalf of users could hold donated funds in smart contracts that are paid to charities only if the charity satisfies certain pre-defined conditions.

In total, as of April 2026, more than 5,000 dApps are currently built on the BNB Smart Chain, including dApps in the collectible non-fungible token, gaming, music streaming, and decentralized finance categories.