SEC Filing Document

Company: Grayscale BNB ETF
Ticker: GBNB
CIK: 2106762
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-05-15
Accession Number: 0001193125-26-227224
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2106762/000119312526227224/bnb_s-1_amendment_2.htm

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broadly and market-wide declines in liquidity; The largely unregulated nature and lack of transparency surrounding the operations of Digital Asset Trading Platforms may adversely affect the value of digital assets and, consequently, the value of the Shares; The value of the Shares relates directly to the value of BNB held by the Trust, the value of which may be highly volatile and subject to fluctuations; 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; Shareholders may suffer a loss on their investment if the Shares trade above or below the Trust’s NAV per Share; Staking may prove unattractive to validators, which could adversely affect the BNB Smart Chain. A temporary or permanent “fork” or a “clone” could adversely affect the value of the Shares;

The lack of active trading markets for the Shares may result in losses on investors’ investments at the time of disposition of Shares;

Possible 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;

The limited history of the Index;

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;

Any suspension or other unavailability of the Trust’s redemption program may cause the Shares to trade at a discount to the NAV per Share;

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;

Regulatory changes or actions by the U.S. Congress or any U.S. federal or state agencies may affect the value of the Shares or restrict the use of BNB, validating activity or the operation of the BNB Smart Chain or the Digital Asset Markets in a manner that adversely affects the value of the Shares;

Changes in the policies of the SEC could adversely impact the value of the Shares;

Regulatory changes or other events in foreign jurisdictions 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;

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 the Authorized Participant, the Trust or the Sponsor and also result in decreased liquidity for the Shares;

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

Conflicts of interest may arise among the Sponsor or its affiliates and the Trust;

The Sponsor’s services may be discontinued, which could be detrimental to the Trust;

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

If the Custodian resigns or is removed by the Sponsor, or otherwise, without replacement, it could trigger early termination of the Trust;

Validators may suffer losses due to Staking, or Staking may prove unattractive to validators, which could adversely affect the BNB Smart Chain;

To the extent the Staking Condition is not satisfied, the lack of ability to participate in Staking could have adverse consequences for the Trust;

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

Staked BNB tokens will be inaccessible for a variable period of time, determined by a range of factors, which could result in certain liquidity risk to the Trust;

The Trust will be dependent on third parties to effectively execute the Trust’s Staking Arrangements;

The regulatory landscape surrounding Staking is uncertain;

Beneficial owners of Shares could incur tax liabilities without receiving corresponding distributions from the Trust;

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

There is no guarantee that an active trading market for the Shares will develop.

Emerging Growth Company Status

The Trust is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act (the “JOBS Act”). For as long as the Trust is an emerging growth company, unlike other public companies that are not emerging growth companies under the JOBS Act, it will not be required to:

provide an auditor’s attestation report on management’s assessment of the effectiveness of our system of internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act;

provide more than two years of audited financial statements and related management’s discussion and analysis of financial condition and results of operations;

comply with any new requirements that may be adopted by the Public Company Accounting Oversight Board (the “PCAOB”) requiring mandatory audit firm rotation or a supplement to the auditor’s report in which the auditor would be required to provide additional information about the audit and the financial statements of the issuer;

provide certain disclosure regarding executive compensation required of larger public companies; or

obtain shareholder approval of any golden parachute payments not previously approved.

The Trust will cease to be an emerging growth company upon the earliest of:

the last day of the fiscal year in which the Trust has $1.235 billion or more in annual revenues;

the date on which the Trust becomes a “large accelerated filer” under Rule 12b-2 promulgated under the Exchange Act;

the date on which the Trust issues more than $1.0 billion of non-convertible debt over a three-year period; or

the last day of the fiscal year following the fifth anniversary of the Trust’s initial public offering.

In addition, Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”) for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies; however, the Trust is choosing to “opt out” of such extended transition period, and as a result, the Trust will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. Section 107 of the JOBS Act provides that the Trust’s decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable.

Corporate Information

The offices of the Trust and the Sponsor are located at 290 Harbor Drive, 4th Floor, Stamford, Connecticut 06902 and the Trust’s telephone number is (212) 668-1427. The Trustee has a trust office at 2711 Centerville Road, Wilmington, Delaware 19808. The Custodian’s office is located at 101 South Reid Street Suite 307, Sioux Falls, SD 57103. The Transfer Agent’s office is located at 240 Greenwich Street, New York, NY 10286. Our internet site is etfs.grayscale.com/gbnb. Our website and the information contained therein or connected thereto is not incorporated into this prospectus or the registration statement of which it forms a part.

The Offering

Shares Offered by the Trust	Shares representing units of fractional undivided beneficial interest in, and ownership of, the Trust.

Use of Proceeds	Proceeds received by the Trust from the issuance and sale of Baskets will consist of BNB deposited with the Trust in connection with creations. Such BNB will only be (i) owned by the Trust, (ii) transferred (or converted to U.S. dollars, if necessary) to pay the Trust’s expenses, (iii) distributed or otherwise disposed of in connection with the redemption of Baskets, (iv) liquidated in the event that the Trust terminates or as otherwise required by law or regulation or (v) used in Staking, only if (and, then, only to the extent that) the Staking Condition relating to the qualification of the Trust as a grantor trust for U.S. federal income tax purposes is satisfied and subject to compliance with any additional requirements that may arise in connection with satisfaction of the Staking Condition.

Proposed NASDAQ symbol	GBNB

CUSIP	38963C108