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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Coin (“USDC”). Over-the-counter dealers or market makers do not typically disclose their trade data. As of March 31, 2026, the Digital Asset Trading Platforms included in the Index were Binance, Bitstamp by Robinhood, Bybit, Gate, Kraken and OKX. The Sponsor and the Trust reasonably believe each of these Digital Asset Trading Platforms are in material compliance with applicable licensing requirements based on the inclusion criteria and jurisdiction, as detailed below, and maintain practices and policies designed to comply with anti-money laundering (“AML”) and know-your-customer (“KYC”) regulations. Binance: A global trading platform, Binance does not name a formal headquarters. Binance does not hold any licenses or registrations in the U.S. and is not available to U.S. based customers. Bitstamp by Robinhood: A U.K.-based trading platform that has U.S. operations and entities registered as MSB’s with FinCEN, holds a BitLicense, and that is licensed as a money transmitter in various U.S. states.

Bybit: A United Arab Emirates-based trading platform. Bybit does not hold any licenses or registrations in the U.S. and is not available to U.S. based customers.

Gate: A Cayman Islands-based trading platform. Gate does not hold any licenses or registrations in the U.S. and is not available to U.S. based customers.

Kraken: A U.S.-based trading platform that has entities registered as MSBs with FinCEN, and that is licensed as a money transmitter in various U.S. states and chartered as a Special Purpose Depository Institution by the Wyoming Division of Banking. Kraken does not hold a BitLicense.

OKX: A Seychelles-based trading platform. OKX does not hold any licenses or registrations in the U.S. and is not available to U.S.-based customers.

Currently, there are several Digital Asset Trading Platforms operating worldwide, and online Digital Asset Trading Platforms represent a substantial percentage of BNB buying and selling activity and provide the most data with respect to prevailing valuations of BNB. These trading platforms include established trading platforms such as trading platforms included in the Index, which provide a number of options for buying and selling BNB.The below table reflects the trading volume in BNB and market share of the BNB-U.S. dollar and BNB-USDC trading pairs of each of the Digital Asset Trading Platforms included in the Index as of March 31, 2026 (collectively, “Constituent Trading Platforms”), using data since January 1, 2024:

Digital Asset Trading Platforms included in the Index as of March 31, 2026 (1) Volume (BNB) Market Share (2)

Kraken 540,768 50.22	%

OKX 19,623 1.82	%

Bitstamp by Robinhood 11,516 1.07	%

Binance 863 0.08	%

Total BNB-U.S. dollar trading pair 572,770 53.19	%

Digital Asset Trading Platforms included in the Index as of March 31, 2026 (1) Volume (BNB) Market Share (2)

Binance 47,853,801 94.85	%

Gate 571,321 1.13	%

OKX 135,123 0.27	%

Bybit 121,057 0.24	%

Kraken 54,352 0.11	%

Total BNB-USDC trading pair 48,735,654 96.60	%

The Digital Asset Trading Platforms initially expected to be included in the Index are Binance, Bitstamp by Robinhood, Bybit, Gate, Kraken and OKX.

Market share is calculated using trading volume data (in BNB) for certain Digital Asset Trading Platforms, including Binance, Bitstamp by Robinhood, Bybit, Gate, Kraken and OKX, as well as certain other large U.S.-dollar denominated Digital Asset Trading Platforms that are not included in the Index, including Coinbase, Bitfinex, Bullish, Gemini, Crypto.com, Binance.US, LMAX Digital, CEX.io, KuCoin, and MEXC.

The domicile, regulation and legal compliance of the Digital Asset Trading Platforms included in the Index varies. Information regarding each Digital Asset Trading Platform may be found, where available, on the websites for such Digital Asset Trading Platforms, among other places.

Although the Index is designed to accurately capture the market price of BNB, third parties may be able to purchase and sell BNB on public or private markets not included among the Constituent Trading Platforms of the Index, and such transactions may take place at prices materially higher or lower than the Index Price. Moreover,

there may be variances in the prices of BNB on the various Digital Asset Trading Platforms, including as a result of differences in fee structures or administrative procedures on different Digital Asset Trading Platforms. For example, based on data provided by the Index Provider, on any given day during the twelve months ended March 31, 2026, the maximum differential between the 4:00 p.m., New York time, spot price of any single Digital Asset Trading Platform included in the Index and the Index Price was 4.00% and the average of the maximum differentials of the 4:00 p.m., New York time, spot price of each Digital Asset Trading Platform included in the Index and the Index Price was 1.32%. During this same period, the average differential between the 4:00 p.m., New York time, spot prices of all the Digital Asset Trading Platforms included in the Index and the Index Price was 0.03%. All Digital Asset Trading Platforms that were included in the Index throughout the period were considered in this analysis. To the extent such prices differ materially from the Index Price, investors may lose confidence in the Shares’ ability to track the market price of BNB.

The Index and the Index Price

The Index is a U.S. dollar-denominated composite reference rate for the price of BNB. The Index is designed to (1) mitigate the effects of fraud, manipulation and other anomalous trading activity from impacting the BNB reference rate, (2) provide a real-time, volume-weighted fair value of BNB and (3) appropriately handle and adjust for non-market related events.

The Index Price is determined by the Index Provider through a process in which trade data is cleansed and compiled in such a manner as to algorithmically reduce the impact of anomalistic or manipulative trading. This is accomplished by adjusting the weight of each data input based on price deviation relative to the observable set, as well as recent and long-term trading volume at each venue relative to the observable set. The Index Price is calculated using non-GAAP methodology and is not used to calculate Principal Market NAV in the Trust’s financial statements.

All references to the NAV and NAV per Share of the Trust in this prospectus have been calculated using the Index Price unless indicated otherwise.

Constituent Trading Platform Selection

Digital Asset Trading Platforms are selected for inclusion in the Index based on a methodology developed by the Index Provider in alignment with the International Organization of Securities Commissions (“IOSCO”) Principles for Financial Benchmarks. To qualify as a Constituent Trading Platform, a platform is evaluated across the following core criteria listed below (the “Inclusion Criteria”):

Market Quality: Overall liquidity, trading activity, price reliability, and market stability.

Security: Cybersecurity safeguards, custody practices, and operational risk controls.

Legal and Regulatory: Licensing status, regulatory compliance, and legal transparency.

KYC: Assessment of anti-money laundering (“AML”) and know-your-customer (“KYC”) frameworks, transaction monitoring capabilities, and market oversight.

Data Provision: Quality, accessibility, and reliability of trading data and technical infrastructure.

Transparency: Financial and operational disclosures, including reserve and governance transparency.

Team: Assessment of executive leadership, relevant experience, organizational structure, and service offerings across institutional and retail markets.

Negative Events: The Index Provider may apply a downward adjustment for material adverse events, including data breaches, regulatory penalties, withdrawal freezes, or other significant incidents.

Trading platforms that meet these Inclusion Criteria are also required to be licensed and able to serve customers in one or more of the following jurisdictions:

United States (FinCEN, state regulatory authorities)

United Kingdom (FCA)

European Union (MiCA passport)

Hong Kong (SFC)

Singapore (MAS)

United Arab Emirates, including the emirates of Dubai and Abu Dhabi (VARA, ADGM)

Gibraltar (GFSC)

A Digital Asset Trading Platform is removed from the Constituent Trading Platforms when it no longer satisfies the Inclusion Criteria. The Index Provider may also exclude certain trading platforms that require additional support from such contributing trading platform at its discretion. The Index Provider does not currently include data from over-the-counter markets or derivatives platforms among the Constituent Trading Platforms. Over-the-counter data is not currently included because of the potential for trades to include a significant premium or discount paid for larger liquidity, which creates an uneven comparison relative to more active markets. There is also a higher potential for over-the-counter transactions to not be arms-length, and thus not be representative of a true market price. BNB derivative markets are also not currently included. While the Index Provider has no plans to include data from over-the-counter markets or derivative platforms at this time, the Index Provider will consider IOSCO principles for financial benchmarks, the management of trading venues of BNB derivatives and the aforementioned Inclusion Criteria when considering whether to include over-the-counter or derivative platform data in the future.