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

Chunk 6 of 90
Word Count: 1375
Character Count: 8705

Document Content:

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

Index Price	The Index Price is the price of a BNB at 4:00 p.m., New York time, calculated based on the price and trading volume data of the Digital Asset Trading Platforms included in the Index over the preceding 24-hour period. The Index Price is calculated using non-GAAP methodology and is not used to calculate Principal Market NAV in the Trust’s financial statements.

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 Provider formally re-evaluates the weighting algorithm quarterly, but maintains discretion to change the way in which an Index Price is calculated based on its periodic review or in extreme circumstances. The exact methodology to calculate the Index Price is not publicly available. Still, the Index is designed to limit exposure to trading or price distortion of any individual Digital Asset Trading Platform that experiences periods of unusual activity or limited liquidity by discounting, in real-time, anomalous price movements at individual Digital Asset Trading Platforms. The Digital Asset Trading Platforms that are included in the Index are selected by the Index Provider utilizing a methodology that is guided by the International Organization of Securities Commissions (“IOSCO”) principles for financial benchmarks. For an exchange to become a Constituent Trading Platform (as defined herein), it must satisfy the Inclusion Criteria described in this prospectus, as may be updated by the Index Provider from time to time. See “Risk Factors—Risk Factors Related to the Digital Asset Markets—The Index Price used to calculate the value of the Trust’s BNB may be volatile, and purchasing and selling activity in the Digital Asset Markets associated with Basket creations and

redemptions may affect the Index Price and Share trading prices, adversely affecting the value of the Shares.”

Index price data and the description of the Index are based on information publicly available at the Index Provider’s website at www.coindesk.com/indices/. None of the information on the Index Provider’s website is incorporated by reference into this prospectus. The Sponsor does not employ index oversight procedures independent of the procedures employed by the Index Provider.

The Index Provider may change the trading venues that are used to calculate the Index Price or otherwise change the way in which the Index Price is calculated at any time. If the Index Price becomes unavailable, or if the Sponsor determines in good faith that the Index Price does not reflect an accurate BNB price, then the Sponsor will, on a best efforts basis, contact the Index Provider to obtain the Index Price directly from the Index Provider. If after such contact the Index Price remains unavailable or the Sponsor continues to believe in good faith that the Index Price does not reflect an accurate BNB price, then the Sponsor will employ a cascading set of rules to determine the Index Price, as described in “Business—Overview of the BNB Industry and Market—The Index and the Index Price.”

The Sponsor may, in its sole discretion, select a different Index Provider, select a different index price provided by the Index Provider, calculate the Index Price using a cascading set of rules as described above, or change such cascading set of rules at any time. The Sponsor will provide notice of any such changes in the Trust’s periodic or current reports and, if the Sponsor makes such a change other than on an ad hoc or temporary basis, will file a proposed rule change with the SEC.

Digital Asset Trading Platform Public Market Data

On each online Digital Asset Trading Platform, BNB is traded with publicly disclosed valuations for each executed trade, measured by one or more fiat currencies such as the U.S. dollar or euro, or stablecoins such as U.S. Dollar 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. As further described below, the Sponsor and the Trust reasonably believe each of these Digital Asset Trading Platforms are in material compliance with applicable U.S. federal and state licensing requirements based on the Trading Platform Category 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 the Digital Asset 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	%

(1) The Digital Asset Trading Platforms initially expected to be included in the Index are Binance, Bitstamp by Robinhood, Bybit, Gate, Kraken and OKX.   (2) 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.