SEC Filing Document

Company: Grayscale BNB ETF
Ticker: GBNB
CIK: 2106762
Filing Type: S-1
Document Type: EX-10.3
Date Filed: 2026-01-23
Accession Number: 0001193125-26-020367
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2106762/000119312526020367/gbnb-ex10_3.htm

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from time to time thereunder, as the same may be further amended from time to time. 4. Grayscale Chainlink Trust (LINK), a Delaware statutory trust formed as of December 18, 2020 Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Chainlink Trust (LINK), dated December 18, 2020, by and among Grayscale Investments, LLC, Delaware Trust Company and the Shareholders from time to time thereunder, as the same may be further amended from time to time. 5. Grayscale Ethereum Trust (ETH), a Delaware statutory trust formed as of December 13, 2017 Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Ethereum Trust (ETH), dated July 3, 2018, by and among Grayscale Investments, LLC, Delaware Trust Company and the Shareholders from time to time thereunder, as amended by Amendment No. 1 and Amendment No. 2 thereto and as the same may be further amended from time to time.

6.	Grayscale Ethereum Classic Trust (ETC), a Delaware statutory trust formed as of April 18, 2017	Second Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Ethereum Classic Trust (ETC), dated February 28, 2018, by and among Grayscale Investments, LLC, Delaware Trust Company and the Shareholders from time to time thereunder, as amended by Amendment No. 1 thereto and as the same may be further amended from time to time.

7.	Grayscale Filecoin Trust (FIL), a Delaware statutory trust formed as of October 15, 2020	Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Filecoin Trust (FIL), dated October 15, 2020, by and among Grayscale Investments, LLC, Delaware Trust Company and the Shareholders from time to time thereunder, as the same may be further amended from time to time.

8.	Grayscale Horizen Trust (ZEN), a Delaware statutory trust formed as July 3, 2018	Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Horizen Trust (ZEN), dated August 6, 2018, by and among Grayscale Investments, LLC, Delaware Trust Company and the Shareholders from time to time thereunder, as amended by Amendment No. 1 thereto and as the same may be further amended from time to time.

9.	Grayscale Litecoin Trust (LTC), a Delaware statutory trust formed as of January 26, 2018	Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Litecoin Trust (LTC), dated March 1, 2018, by and among Grayscale Investments, LLC, Delaware Trust Company and the Shareholders from time to time thereunder, as amended by Amendment No. 1 thereto and as the same may be further amended from time to time.

10.	Grayscale Livepeer Trust (LPT), a Delaware statutory trust formed as of December 18, 2020	Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Livepeer Trust (LPT), dated December 18, 2020, by and among Grayscale Investments, LLC, Delaware Trust Company and the Shareholders from time to time thereunder, as the same may be further amended from time to time.

11.	Grayscale Decentraland Trust (MANA), a Delaware statutory trust formed as of December 18, 2020	Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Decentraland Trust (MANA), dated December 18, 2020, by and among Grayscale Investments, LLC, Delaware Trust Company and the Shareholders from time to time thereunder, as the same may be further amended from time to time.

Certain confidential information contained in this document, marked by [**], has been omitted because

the Registrant has determined that the information (i) is not material and (ii) is of the type

that the registrant treats as private or confidential.

CoinDesk Indices, Inc.

250 Park Avenue South, 2nd Floor

New York, NY 10003

Entity	Governing Document

12.	Grayscale Solana Trust, a Delaware statutory trust formed as of November 8, 2021	Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Decentraland Trust (MANA), dated November 9, 2021, by and among Grayscale Investments, LLC, Delaware Trust Company and the Shareholders from time to time thereunder, as the same may be further amended from time to time.

13.	Grayscale Stellar Lumens Trust (XLM), a Delaware statutory trust formed as of October 26, 2018	Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Stellar Lumens Trust (XLM), dated December 4, 2018, by and among Grayscale Investments, LLC, Delaware Trust Company and the Shareholders from time to time thereunder, as amended by Amendment No. 1 thereto and as the same may be further amended from time to time.

Certain confidential information contained in this document, marked by [**], has been omitted because the Registrant has determined that the information (i) is not material and (ii) is of the type that the registrant treats as private or confidential.

Certain confidential information contained in this document, marked by [**], has been omitted because the Registrant has determined that the information (i) is not material and (ii) is of the type

that the registrant treats as private or confidential.

CoinDesk Indices, Inc.

250 Park Avenue South, 2nd Floor

New York, NY 10003

14.	Grayscale Zcash Trust (ZEC), a Delaware statutory trust formed as of October 23, 2017	Amended and Restated Declaration of Trust and Trust Agreement of Grayscale Zcash Trust (ZEC), dated July 3, 2018, by and among Grayscale Investments, LLC, Delaware Trust Company and the Shareholders from time to time thereunder, as amended by Amendment No. 1 thereto and as the same may be further amended from time to time.

15.	Grayscale Decentralized Finance (DeFi) Fund LLC a Cayman Islands limited liability company formed as of June 10, 2021	Amended and Restated Limited Liability Company Agreement of Grayscale Decentralized Finance (DeFi) Fund LLC, dated June 30, 2021, by and among Grayscale Investments, LLC, as the same may be amended from time to time.

16.	Grayscale Digital Large Cap Fund LLC, a Cayman Islands limited liability company formed as of January 25, 2018	Second Amended and Restated Limited Liability Company Agreement of Grayscale Digital Large Cap Fund LLC, dated March 7, 2018, by and among Grayscale Investments, LLC, as the same may be amended from time to time.

Any other entity that Licensee may sponsor or manage from time to time that holds a digital asset for which TradeBlock provides a reference rate or index, provided Licensee notifies TradeBlock in writing of the name and associated governing document of such entity.

Certain confidential information contained in this document, marked by [**], has been omitted because the Registrant has determined that the information (i) is not material and (ii) is of the type that the registrant treats as private or confidential.

Certain confidential information contained in this document, marked by [**], has been omitted because the Registrant has determined that the information (i) is not material and (ii) is of the type

that the registrant treats as private or confidential.

CoinDesk Indices, Inc.

250 Park Avenue South, 2nd Floor

New York, NY 10003

EXHIBIT B

ORDER NO. 1

This Order No. 1 (the “Order”) is entered into in connection with that certain Master Index License Agreement, by and between CoinDesk Indices, Inc. (formerly known as TradeBlock, Inc.) and Grayscale Investments, LLC, dated January 31, 2022 (the “Agreement”). This Order is incorporated by reference into the Agreement, and shall be governed by the terms set forth in the Agreement. To the extent of any conflict between this Order and the Agreement, such term in the Agreement shall prevail. Capitalized terms used but not defined herein have the meanings given to them in the Agreement.

1. Term of Order

Start Date: February 1, 2022

End Date: February 29, 2024

2. Licensed Indexes

Licensed Index	Digital Asset

ADX	Cardano (ADA)

BCX	Bitcoin Cash (BCH)

BTX	Basic Attention Token (BAT)

DFX	Digital assets included in the CoinDesk DeFi Index (DFX)

ECX	Ethereum Classic (ETC)

ETX	Ethereum (ETH)

LNX	Chainlink (LINK)

LTX	Litecoin (LTC)

SLX	Solana (SOL)

UNX	Uniswap (UNI)

XBX	Bitcoin (BTC)

XLMX	Stellar Lumens (XLM)

ZCX	Zcash (ZEC)

Certain confidential information contained in this document, marked by [**], has been omitted because the Registrant has determined that the information (i) is not material and (ii) is of the type that the registrant treats as private or confidential.

Certain confidential information contained in this document, marked by [**], has been omitted because the Registrant has determined that the information (i) is not material and (ii) is of the type

that the registrant treats as private or confidential.

CoinDesk Indices, Inc.

250 Park Avenue South, 2nd Floor

New York, NY 10003

Any other investment fund that Licensee sponsors or manages, which holds a digital asset for which TradeBlock provides an index, provided Licensee notifies TradeBlock regarding such entity and TradeBlock consents in writing to adding such entity to this exhibit (commencing as of the date of TradeBlock’s consent notice to Licensee).