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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record and confirm transactions when they validate and add blocks of information to the BNB Smart Chain. When a validator is selected to validate a block, it creates that block, which includes data relating to (i) the verification of newly submitted and accepted transactions and (ii) a reference to the prior block in the BNB Smart Chain to which the new block is being added. The validator becomes aware of outstanding, unrecorded transactions through the data packet transmission and distribution discussed above. Upon the addition of a block of BNB transactions, the BNB Smart Chain software program of both the spending party and the receiving party will show confirmation of the transaction on the BNB Smart Chain and reflect an adjustment to the BNB balance in each party’s BNB Smart Chain public key, completing the BNB transaction. Once a transaction is confirmed on the BNB Smart Chain, it is irreversible.

Some BNB transactions are conducted “off-blockchain” and are therefore not recorded in the BNB Smart Chain. These “off-blockchain transactions” involve the transfer of control over, or ownership of, a specific digital wallet holding BNB or the reallocation of ownership of certain BNB in a pooled-ownership digital wallet, such as a digital wallet owned by a Digital Asset Trading Platform. In contrast to on-blockchain transactions, which are publicly recorded on the BNB Smart Chain, information and data regarding off-blockchain transactions are generally not publicly available. Therefore, off-blockchain transactions are not truly BNB transactions in that they do not involve the transfer of transaction data on the BNB Smart Chain and do not reflect a movement of BNB between addresses recorded in the BNB Smart Chain. For these reasons, off- blockchain transactions are subject to risks as any such transfer of BNB ownership is not protected by the protocol behind the BNB Smart Chain or recorded in, and validated through, the blockchain mechanism.

Creation of New BNB

Initial Creation of BNB

Unlike other digital assets such as Bitcoin, which are solely created through a progressive mining process, 200 million BNB were created in connection with the launch of the Binance ecosystem in 2017. The initial 200 million BNB were distributed as follows:

•Investors: 100 million BNB, or 50% of the supply, were sold in the initial coin offering (ICO) to early investors and participants.

•Binance Team: 80 million BNB, or 40% of the supply, were allocated to the Binance founding team as compensation and to support ongoing development.

•Angel Investors: 20 million BNB, or 10% of the supply, were distributed to early angel investors who provided initial funding for the project.

Following the launch of the Binance ecosystem, BNB’s circulating supply has gradually decreased over time through Binance’s token burn program, under which a portion of BNB is permanently removed from circulation each quarter to reduce total supply.

Open-Market Activities

In May 2025 the SEC issued a “Statement on Protocol Staking Activities” (the “Statement”). The Statement gave the SEC staff’s view regarding staking on networks that use a proof-of-stake consensus mechanism. The staff’s view is that some of these activities do not involve the offer and sale of securities within the meaning of the Securities Act and the Exchange Act. Accordingly, under such an interpretation, the participants in such staking activities do not need to register these transactions with the SEC under the Securities Act. As noted above, the Trust does not currently stake any of its BNB; however, the Sponsor may, in the future, engage one or more Staking Services Providers to conduct Staking Activities, in which case the Trust could receive staking rewards. The Sponsor believes that the Trust’s staking activities would be of the type described in the Statement and therefore will not involve the purchase and sale of securities. However, if the staff or the SEC were to disagree with the Sponsor’s position, or if the SEC or the staff were to take a position counter to the position stated in the Statement, the Trust or its service providers may be deemed to be in violation of federal securities laws. The treatment of staking in a grantor trust for U.S. federal income tax purposes is still developing. As a grantor trust, the Trust can undertake only certain types of activities. Please see “United States Federal Income Tax Consequences—Taxation of the Trust” below and “Risk Factors—Tax Risks—The Treatment Of The Trust For U.S. Federal Income Tax Purposes Is Uncertain” above for more details.

Limits on BNB Supply

Unlike many other digital assets that feature ongoing inflationary issuance, BNB has a fixed maximum supply of 200 million tokens, all of which were created at the launch of the Binance ecosystem. BNB does not rely on mining or continuous minting to increase supply. Instead, the circulating supply of BNB has been designed to decline over time through Binance’s token burn mechanism.

Binance conducts quarterly token burns using a portion of its trading fee revenue and through the BNB Auto-Burn mechanism introduced in late 2021. Under the Auto-Burn model, the amount of BNB removed from circulation is automatically calculated based on BNB’s market price and the number of blocks generated on the BNB Smart Chain during the quarter. In addition, BNB used to pay transaction fees on the BNB Smart Chain is burned in real time, further reducing circulating supply.

At launch in 2017, the BNB circulating supply was approximately 100 million BNB, representing the tokens sold in the initial coin offering (ICO). As of April 2026, the total BNB supply was approximately 134.8 million BNB, with about 134.8 million BNB in circulation (Source: Binance, CoinMarketCap). This represents a cumulative reduction of roughly 32% from the original 200 million BNB supply through scheduled and ongoing burns.

Because BNB’s supply is deflationary, there is no inflationary issuance rate affecting staking or yield dynamics. However, the rate of token burns influences long-term scarcity and can impact market price and perceived value. Faster burn rates effectively reduce supply more quickly, while slower rates extend the time required to reach the program’s ultimate target of 100 million BNB total supply.

Since the Trust does not participate in any yield- or burn-related mechanisms directly, its returns will reflect changes in the market price of BNB. If the burn mechanism supports price appreciation by constraining supply, the Trust could benefit from higher BNB valuations. Conversely, if transaction volumes or network activity decline, leading to slower burns, BNB’s deflationary effects—and thus potential price support—may diminish over time.

BNB Market and BNB Exchanges

BNB can be transferred in direct peer-to-peer transactions through the direct sending of BNB over the BNB Chain from one BNB address to another. Among end-users, BNB can be used to pay other members of the BNB Chain for goods and services under what resembles a barter system. Consumers can also pay merchants and other commercial businesses for goods or services through direct peer-to-peer transactions on the BNB Smart Chain or through third-party service providers.

In addition to using BNB to engage in transactions, investors may purchase and sell BNB to speculate as to the value of BNB in the BNB market, or as a long-term investment to diversify their portfolio. The value of BNB within the market is determined, in part, by the supply of and demand for BNB in the global BNB market, market expectations for the adoption of BNB as a store of value, the number of merchants that accept BNB as a form of payment, and the volume of peer-to-peer transactions, among other factors.

BNB spot markets provide investors with a website that permits investors to open accounts with the spot market and then purchase and sell BNB. Prices for trades on BNB spot markets are typically reported publicly. An investor opening a trading account must deposit an accepted government-issued currency into their account with the spot market, or a previously acquired digital asset, before they can purchase or sell assets on the spot market. The process of establishing an account with a BNB spot market and trading BNB is different from, and should not be confused with, the process of users sending BNB from one BNB address to another BNB address on the BNB Smart Chain. This latter process is an activity that occurs on the BNB Smart Chain, while the former is an activity that occurs entirely on the private website operated by the spot market. The spot market typically records the investor’s ownership of BNB in its internal books and records, rather than on the BNB Smart Chain. The spot market ordinarily does not transfer BNB to the investor on the BNB Smart Chain unless the investor makes a request to the spot market to withdraw the BNB in their exchange account to an off-exchange BNB wallet.