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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Trust. The effect of any future regulatory change on the Trust or the BNB held by the Trust is impossible to predict, but such change could be substantial and adverse to the Trust and the value of the Shares. On February 10, 2026, ICE Futures U.S., Inc., a designated contract market (“DCM”) registered with the CFTC, listed CoinDesk BNB Futures contracts. DCMs are boards of trade (commonly referred to as exchanges) that operate under the regulatory oversight of the CFTC, pursuant to Section 5 of the CEA. To obtain and maintain designation as a DCM, an exchange must comply on an initial and ongoing basis with twenty-three Core Principles established under Section 5(d) of the CEA. Among other things, DCMs are required to establish self-regulatory programs designed to enforce the DCM’s rules, prevent market manipulation and customer and market abuses, and ensure the recording and safe storage of trade information.

The ICE CoinDesk BNB Futures contracts are cash-settled based on the CoinDesk BNB Benchmark London Settlement Rate. As with other digital asset futures listed on CFTC-registered exchanges, BNB futures contracts provide market participants with the ability to obtain leveraged exposure to changes in the price of BNB without directly holding BNB. The listing of BNB futures on a CFTC-registered DCM may contribute to price discovery in the broader BNB market, and trading activity in such futures contracts may influence volatility in the spot price of BNB.

On December 4, 2025, CFTC Acting Chairman Caroline D. Pham announced that that listed spot crypto asset products will begin trading on a CFTC-registered futures exchange (DCM). This is the first initiative in the CFTC’s “crypto sprint” to start implementation of the recommendations in the President’s Working Group on Digital Asset Markets report. Members of the public were invited to provide written input by August 18, 2025 through the CFTC website.

For more information, see “Risk Factors—Digital asset markets in the U.S. exist in a state of regulatory uncertainty, and adverse legislative or regulatory developments could significantly harm the value of BNB or the

Shares, such as by banning, restricting or imposing onerous conditions or prohibitions on the use of BNB, validating activity, digital wallets, the provision of services related to trading and custodying BNB, the operation of the BNB Smart Chain, or the digital asset markets generally.”

THE TRUST AND BNB PRICES

Overview of the Trust

The Trust is an exchange-traded fund that issues Shares that trade on the Exchange. The Shares are expected to be approved for listing, subject to notice of issuance, on The Nasdaq Stock Market LLC (“Nasdaq” or the “Exchange”) pursuant to Nasdaq Rule 5711(d), which permits the listing and trading of Commodity-Based Trust Shares under Nasdaq’s generic listing standards (the “Generic Listing Standards”). The Trust intends to list the Shares under Nasdaq Rule 5711(d) once BNB satisfies one of the eligibility requirements set forth in Rule 5711(d)(iv). The Trust will not commence trading unless and until the Exchange confirms that the Shares meet all applicable listing requirements.

The Trust is a passive investment vehicle that does not seek to pursue any investment strategy beyond reflecting the performance of the price of BNB and rewards from staking a portion of the Trust’s BNB (to the extent staking is implemented). As a result, the Trust will not attempt to avoid losses or hedge exposure arising from the risk of changes in the price of BNB. The Trust’s investment objective is to reflect the performance of the price of BNB and rewards from staking a portion of the Trust’s BNB to the extent the Sponsor in its sole discretion (i) implements staking and (ii) determines that the Trust may do so without undue legal or regulatory risk, such as, without limitation, by jeopardizing the Trust’s ability to qualify as a grantor trust for U.S. federal income tax purposes, less the expenses of the Trust’s operations. In seeking to achieve its investment objective, the Trust will hold BNB and will value its Shares daily based on the reported MarketVectorTM BNB Benchmark Rate, which is calculated based on prices contributed by exchanges that BITA GmbH, an industry leading data and index provider, has “whitelisted” (as defined below) in its BITA Exchange Ranking report. The Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective. As of the date of this Prospectus, the Trust does not intend to engage in Staking Activities. Any future Staking Activities would be conducted in a manner intended to preserve the Trust’s status as a grantor trust for U.S. federal income tax purposes.

The Trust is sponsored by VanEck Digital Assets, LLC, a wholly-owned subsidiary of VanEck. The Trust, the Sponsor and the service providers will not loan or pledge the Trust’s assets, which may in the future include staked assets, nor will the Trust’s assets serve as collateral for any loan or similar arrangement. The Trust is not actively managed. It does not engage in any activities designed to obtain a profit from, or to ameliorate losses caused by, changes in the price of BNB.

The Sponsor believes that the Trust will provide a cost-efficient way for Shareholders to implement strategic and tactical asset allocation strategies that use BNB by investing in the Trust’s Shares rather than purchasing, holding and trading BNB directly. The latter alternative would require selecting a BNB trading platform and opening an account or arranging a private transaction, establishing a personal computer system capable of transacting directly on the blockchain, and incurring the risks associated with maintaining and protecting a private key that is irrecoverable if lost, among other difficulties.

BNB Value

The value of BNB is determined by the value that various market participants place on BNB through their transactions. The most common means of determining the value of a BNB is by surveying one or more BNB trading platforms where BNB is traded publicly and transparently. The price of BNB on the BNB market has exhibited periods of extreme volatility, which could have a negative impact on the performance of the Trust.

On exchanges, BNB is traded with publicly disclosed valuations for each executed trade, measured by (i) one or more fiat currencies such as the U.S. dollar or Euro or (ii) one or more digital assets, including stablecoins (referred to as “pairs”). OTC dealers or market makers do not typically disclose their trade data.

Currently, there are many exchanges operating worldwide, representing a substantial percentage of BNB buying and selling activity, and providing the most data with respect to prevailing valuations of BNB. The below table reflects the average daily trading volume (in thousands of USD) of each of the five highest-ranked BNB exchanges (as ranked by BITA GmbH) included in the MarketVectorTM BNB Benchmark Rate as of March 31, 2026, using data reported by MarketVector from April 1, 2025 to March 31, 2026:

Exchanges Average Daily Volume
Coinbase 1,910,490.98
Binance 287,085,571.36
GateIO 11,576,608.97
Bybit 16,760,247.68
Kraken 1,721,719.99

The market share for BNB/USD trading of the five highest-ranked BNB trading platforms over the past four calendar quarters (including the current calendar quarter) is shown in the table below:

Period Coinbase Binance GateIO Bybit Kraken Others

*Source: MarketVector

Trust Structure

The Sponsor designed the Trust in what it believes is a straight-forward structure to provide exposure to BNB. By utilizing the MarketVectorTM BNB Benchmark Rate, the Trust draws prices for its Shares off of what is in effect a “consolidated tape” for BNB, similar to the consolidated tapes or “ticker tapes” used by major stock exchanges to report trades and quotes. The term “consolidated” refers to the fact that securities, or digital assets like BNB, often trade on more than one exchange, and a consolidated tape reports not only a security’s trading activity on its primary listing exchange but the trading activity on all or substantially all exchanges on which it is traded. However, the global BNB market is not subject to comparable regulatory guardrails as regulated securities markets. See “Risk Factors—Due to the unregulated nature and lack of transparency surrounding the operations of BNB trading platforms, which may be subject to regulation in relevant jurisdiction, but may not be complying, they may experience fraud, manipulation, security failures or operational problems, which may adversely affect the value of BNB and, consequently, the value of the Shares.”