SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1
Document Type: S-1
Date Filed: 2025-05-05
Accession Number: 0002066824-25-000002
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2066824/000206682425000002/vaneckbnbetfs-1.htm

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economic and political developments. Consequently, all the forward-looking statements made in this Prospectus are qualified by these cautionary statements, and there can be no assurance that actual results or developments the Sponsor anticipates will be realized or, even if substantially realized, that they will result in the expected consequences to, or have the expected effects on, the Trust's operations or the value of its Shares. PROSPECTUS SUMMARY This is only a summary of the Prospectus and, while it contains material information about the Trust and its Shares, it does not contain or summarize all of the information about the Trust and the Shares contained in this Prospectus that is material and/or which may be important to you. You should read this entire Prospectus, including "Risk Factors" on page 12, before making an investment decision about the Shares. For a glossary of defined terms, see Appendix A. Overview of the Trust

The VanEck BNB ETF (the "Trust") is an exchange-traded fund that issues common shares of beneficial interest (the "Shares") that are expected to be approved for listing, subject to notice of issuance, on the [ ]. (the "Exchange") under the ticker symbol [  ].The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”) and takes the position it is not required to register under such act. The Trust is not a commodity pool for purposes of the Commodity Exchange Act of 1936, as amended (the “CEA”), and the Sponsor is not subject to regulation by the Commodity Futures Trading Commission (the “CFTC”) as a commodity pool operator or a commodity trading advisor. The Trust is a passive investment vehicle that does not seek to pursue any investment strategy beyond tracking the price of BNB, the native token of the BNB Chain. 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 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 [ ], which is calculated based on prices contributed by trading platforms that the Sponsor's affiliate, MarketVector Indexes GmbH ("MarketVector"), believes represent the top five BNB trading platforms based on the industry leading [ ] review report. See "The Trust and BNB Prices—Description of the [ ] Construction and Maintenance" for more information. The Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective. The Trust is sponsored by VanEck Digital Assets, LLC (the "Sponsor"), a wholly-owned subsidiary of Van Eck Associates Corporation ("VanEck"), a U.S. registered investment adviser with approximately $[ ] billion in assets under management as of [ ]. The Sponsor is not registered as an investment adviser and takes the position it currently is not required to register under the Investment Advisers Act of 1940 (the “Advisers Act”) in connection with its activities on behalf of the Trust. In the future, subject to the Exchange receiving the necessary approval (the “Staking Regulatory Approval”) to permit any portion of the Trust’s BNB to be used to earn staking rewards, to earn additional BNB or to generate income or other earnings (collectively, “Staking Activities”), Sponsor may, from time to time, stake a portion of the Trust’s assets through one or more trusted staking providers, which may include an affiliate of the Sponsor (“Staking Providers”). In consideration for any staking activity in which the Trust may engage, the Trust would receive certain staking rewards of BNB, which may be treated as income to the Trust. There can be no assurance that Staking Regulatory Approval will ever be obtained. The Trust will not acquire and will disclaim any Incidental Rights (as defined below) or any IR Virtual Currency Rights, for example as a result of forks or airdrops, and such assets will not be taken into account for purposes of determining NAV (as defined below).

BNB is a digital asset that is created and transmitted through the operations of the peer-to-peer BNB Chain, a network of computers that operates on cryptographic software protocols based on open-source code, the transaction validation and recordkeeping infrastructure of which is collectively maintained by a global user base. The BNB Chain allows people to exchange tokens of value, or BNB, which are recorded on a distributed public recordkeeping system or ledger known as a blockchain (the "BNB Chain"), and which can be used to pay for goods and services. Because BNB is issued by and can be used to interact directly with the BNB Chain through, e.g., the payment of transaction fees needed to execute smart contract code or record transactions on the BNB Chain, BNB is commonly referred to as the native asset of the BNB Chain.

Because peer-to-peer transfers of BNB are recorded on the BNB Chain, which is a digital public recordkeeping system or ledger, buying, holding and selling BNB is very different than buying, holding and selling more conventional instruments like cash, stocks or bonds. For example, BNB must either be acquired through the process of participating in the validation of transactions that are added to the BNB Chain (referred to interchangeably in this Prospectus as "validation" or "mining" and the parties performing such validation, "validators" or "miners"), obtained in a peer-to-peer transaction on the BNB Chain, or purchased through an online digital asset trading

platform or other intermediary, such as a broker in the institutional over-the-counter ("OTC") market. Peer-to-peer transactions may be difficult to arrange, and involve complex and potentially risky procedures around safekeeping, transferring and holding the BNB. Alternatively, purchasing BNB on a BNB trading platform requires choosing a trading platform, opening an account, and transferring funds to the trading platform in order to purchase the BNB. Transactions on trading platforms are not ordinarily recorded on the BNB Chain. There are currently a large number of BNB trading platforms from which to choose, the quality and reliability of which varies significantly. Some trading platforms have been subject to unauthorized cybersecurity breaches ("hacks"), resulting in significant losses to end users.

The Trust provides direct exposure to BNB and the Shares of the Trust are valued on a daily basis using prices drawn from a carefully evaluated group of trading platforms selected by MarketVector, which utilizes the [ ] data to construct the [ ]. The Trust provides investors with the opportunity to access the market for BNB through Shares held in a traditional brokerage account without the potential barriers to entry or risks involved with holding or transferring BNB directly, acquiring it from an exchange, or mining it, as referenced above. The Trust will custody its BNB at [  ] (the "BNB Custodian"), a regulated third- party custodian that carries insurance and [  ]. The Trust will not use derivatives such as swaps, futures, or options in its investment strategy. Using derivatives could subject the Trust to derivatives counterparty, credit, and other risks, though the Trust also will not attempt to use derivatives to hedge the risk of declines in the price of BNB held by the Trust. The Sponsor believes that the design of the Trust will enable certain investors to more effectively and efficiently implement strategic and tactical asset allocation strategies that use BNB by investing in the Shares rather than purchasing, holding and trading BNB directly or through derivatives. Subject to the Staking Regulatory Approval, the Trust may employ its BNB in Staking Activities and accordingly may earn staking rewards and income from Staking Activities.

Except as set forth in the Trust Agreement and described herein, Shareholders have no voting rights with respect to the Trust.

BNB and the BNB Chain