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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Trust may also create and redeem Baskets via In-Kind Orders, pursuant to which an Authorized Participant or its AP Designee will deposit BNB directly with the Trust or receive BNB directly from the Trust. As of the date of this prospectus, the Sponsor has entered into Participant Agreements with and pursuant to which such entities have agreed to act as an Authorized Participants of the Trust and are able to conduct creations and redemptions for cash. In addition, as of the date of this prospectus, is able to conduct creations and redemptions in-kind. The Sponsor may engage additional Authorized Participants who are unaffiliated with the Trust in the future, and such Authorized Participants may be able to conduct creations and redemptions in-kind, in cash, or both. No Authorized Participant has any obligation or responsibility to the Sponsor or the Trust to effect any sale or resale of Shares. Liquidity Providers

Liquidity Providers facilitate the purchase and sale of BNB in connection with Cash Orders for creations or redemptions of Baskets. The Liquidity Providers with which Grayscale Investments Sponsors, LLC, acting in its capacity as the Liquidity Engager, will engage in BNB transactions are third parties that are not affiliated with the Sponsor or the Trust and are not acting as agents of the Trust, the Sponsor, or any Authorized Participant, but may be affiliated with the Authorized Participant, and such transactions will be done on an arms-length basis. Except for the contractual relationships between each Liquidity Provider and Grayscale Investments Sponsors, LLC in its capacity as the Liquidity Engager, there is no other pre-existing contractual relationship between each Liquidity Provider, on the one hand, and the Trust or the Sponsor, on the other hand.

A Liquidity Provider must enter into a “Liquidity Provider Agreement” with the Liquidity Engager and the Sponsor (on behalf of the Trust), which will obligate it to obtain or receive BNB in connection with creations and redemptions pursuant to Cash Orders.

As of the date of this prospectus, the Liquidity Engager has engaged and as Liquidity Providers. The Liquidity Engager may engage additional Liquidity Providers who are unaffiliated with the Trust in the future.

, one of the Authorized Participants, is an affiliate of , one of the Liquidity Providers.

The Custodian

BitGo Bank & Trust, N.A. is a national banking association chartered under the laws of the United States and authorized by the Office of the Comptroller of the Currency to exercise custodial powers. The Custodian is authorized to serve as the Trust’s custodian under the Trust Agreement and pursuant to the terms and provisions of the Custodian Agreement. The Custodian has its principal office at 101 South Reid Street Suite 307, Sioux Falls, SD 57103. A copy of the Custodian Agreement is filed as an exhibit to the registration statement of which this prospectus forms a part.

Under the Custodian Agreement, the Custodian controls and secures the Trust’s Accounts for the receipt, safekeeping and maintenance of the Trust’s BNB, and holds the private keys with respect to the Trust’s Accounts. The Custodian’s services (i) allow BNB to be deposited from a public blockchain address to the Trust’s Accounts and (ii) allow the Trust or Sponsor to withdraw BNB from the Trust’s Accounts to a public blockchain address designated in accordance with the Custodian Agreement (the “Custodial Services”).

Pursuant to the Custodian Agreement, the Custodian acts on Instructions from authorized persons and may be instructed to transfer BNB from the Trust’s Accounts as necessary to satisfy the Trust’s expenses, including the payment of the Sponsor’s Fee and any Additional Trust Expenses.

Fees paid to the Custodian are a Sponsor-paid Expense.

Under the Custodian Agreement, each of the Custodian and the Trust has agreed to indemnify and hold harmless the other party and its affiliates and service providers, and their respective officers, directors, agents, employees and representatives, from any liabilities, damages, losses, costs and expenses arising out of any third-party claim, demand, action or proceeding (including reasonable and documented attorneys’ fees and any fines, fees or penalties imposed by any regulatory authority) arising out of or related to (i) the Custodian’s or the Trust’s, as the case may be, material breach of the Custodian Agreement, (ii) any breach or inaccuracy in any of the Custodian’s or the Trust’s, as the case may be, representations, warranties or covenants in the Custodian Agreement, (iii) the Trust’s or the Custodian’s, as the case may be, violation of any applicable law or the rights of any third party (including, in the case of the Custodian, third-party intellectual property rights) and (iv) in each case to the extent arising from the indemnifying party’s breach of the Custodian Agreement, violation of applicable law or third-party rights, or its negligence, fraud or willful misconduct, except where the applicable claim or losses directly result from the gross negligence, fraud or willful misconduct of the indemnified party. In addition, the Custodian has agreed to indemnify the Trust against claims arising out of the Custodian’s gross negligence, fraud or willful misconduct in connection with the Custodial Services, or any security breach of the Custodian’s systems or controls affecting the Trust’s assets or accounts to the extent caused by Custodian's negligence, fraud, or willful misconduct. In addition, the Trust has agreed to indemnify the Custodian with respect to any Incidental Rights or IR Virtual Currency abandoned by the Trust and any tax liability relating thereto or arising therefrom.

BNB in the Accounts are not treated as general assets of the Custodian and will not be commingled with the Custodian’s proprietary digital assets, or digital assets held by the Custodian for the account of other clients, except with respect to digital assets specifically moved into shared accounts by the Trust . The Custodian serves as a fiduciary and custodian on the Trust’s behalf, and the BNB in the Accounts are considered fiduciary assets that remain the Trust’s property at all times.

Once each calendar year, the Sponsor or the Trust may request that the Custodian deliver a certificate signed by a duly authorized officer to certify that all representations and warranties made by the Custodian in the Custodian Agreement are true and correct on and as of the date of such certificate, and have been true and correct throughout the preceding year, but only to the extent that the representations and warranties of the Custodian contained in Section 7.2 of the Custodian Agreement are not expressly addressed in the SOC 1 and SOC 2 reports.

If the Custodian resigns in its capacity as custodian, the Sponsor may appoint an additional or replacement custodian and enter into a custodian agreement on behalf of the Trust with such custodian. In addition, the Sponsor and the Trust may use BNB custody services or similar services provided by entities other than BitGo Bank & Trust, N.A., subject to the notice and termination requirements of the Custodian Agreement.

Custody of the Trust’s BNB

Digital assets and digital asset transactions are recorded and validated on blockchains, the public transaction ledgers of a digital asset network. Each digital asset blockchain serves as a record of ownership for all of the units of such digital asset, even in the case of certain privacy-preserving digital assets, where the transactions themselves are not publicly viewable. All digital assets recorded on a blockchain are associated with a public blockchain address, also referred to as a digital wallet. Digital assets held at a particular public blockchain address may be accessed and transferred using a corresponding private key.

Key Generation

The Custodian has represented to the Sponsor that the Custodian generates public addresses and their corresponding private keys suing offline methods using the Custodian’s established key-generation procedures. Under the Custodian Agreement, the private keys with respect to the Trust’s Custodial Account are held by the Custodian, and the Trust’s digital assets are held in the Custodial Account are not commingled with other digital assets of the Custodian or its other customers, except with respect to digital assets specifically moved into shared accounts by the Trust.

Key Storage

Under the Custodian Agreement, the Custodian holds the keys with respect to the Trust’s Custodial Account and processes withdrawals in accordance with its verification procedures and applicable timing standards. The Sponsor expects that the substantial majority of the Trust’s BNB will be held by the Custodian using offline storage, or cold storage, mechanisms, but a portion of the Trust’s assets may be held in hot trading wallets, from time to time, in connection with the settlement of a creation or redemption transaction and in connection with the sale of BNB to pay trust expenses.