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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or more of the exceptions described in clauses (i)-(xii) above applies. Moreover, any staked BNB which must be un-staked in order to fulfill a distribution in connection with a redemption (to the extent such distribution cannot be fulfilled utilizing the portion of the Trust’s BNB that has not been staked, or through another mechanism to manage liquidity in connection with Redemption Orders contemplated by an opinion of a Tax Advisor, a Tax Ruling or Tax Guidance that satisfies the Staking Condition) will be un-staked only after the redemption request is approved by the Trust, the Sponsor executes an un-stake or withdrawal transaction through the Custodian, and such transaction is processed by the BNB Smart Chain. During the portion of any Uplisted Period during which the Staking Condition has been satisfied with respect to a particular form of Staking, the Trust Agreement imposes further requirements relating to IRS Revenue Procedure 2025-31.

Subject to the satisfaction of the Staking Condition with respect thereto, the Sponsor may implement certain liquidity procedures that it believes will ensure that the Trust will satisfy existing and reasonably foreseen redemption requests. Specifically, the Sponsor intends to maintain a portion of unstaked BNB in the Trust (the “Liquidity Sleeve”). Because the BNB in the Liquidity Sleeve is freely transferable, there is no timing mismatch between settlement of Shares in primary market redemptions and the BNB transfer time. The percentage of the Trust’s BNB comprising the Liquidity Sleeve will be dynamic and subject to adjustment based on anticipated primary and secondary market activity of the Shares and the BNB unbonding process. If the Trust engages in Staking, the Sponsor will seek to stake as much of the Trust’s BNB as is practicable (i.e., up to 100%) at all times, with the remainder of the Trust’s BNB remaining unstaked in order to address the various exceptions and other considerations described herein, including the satisfaction of the Staking Condition. The Sponsor cannot provide an expected percentage of the Trust’s assets that will be held in the Liquidity Sleeve in the ordinary course as the size of the Liquidity Sleeve may be adjusted in order to address liquidity needs, anticipated redemption activity, and other considerations described herein and further described in the Trust’s staking policy. The Sponsor will make the Trust’s staking policy available to shareholders on the Sponsor’s website. The percentage of the Trust’s BNB that is staked each day will be reported the following day at 4:00 p.m., New York time, on etfs.grayscale.com/gbnb.

In the future and subject to the satisfaction of the Staking Condition thereto, the Sponsor, on behalf of the Trust, may be able to enter into financing arrangements or implement other mechanisms to manage BNB liquidity constraints. For example, in the future, the Sponsor may arrange for the Trust to enter into redemption orders involving the delivery of BNB to a Liquidity Provider on a delayed basis (i.e., when the appropriate number of the Trust’s BNB are or become freely transferable), after the Liquidity Provider has delivered cash to the Trust to settle the redemption order. Under a delayed delivery order, the Variable Fee payable by an Authorized Participant would be adjusted, based on the estimated length of time to BNB delivery, to compensate the Liquidity Provider for

agreeing to accept settlement on a delayed basis. No further adjustment to the Variable Fee would be made, and the Trust would not be required to further compensate the Liquidity Provider (or be entitled to compensation from the Liquidity Provider) if the actual date of BNB delivery differed from the estimated delivery date. It is also possible that, in connection with future redemption orders, the Sponsor may make arrangements for the Trust to obtain liquid BNB from the Custodian or another institutional liquidity provider in exchange for the Trust’s present or future delivery of a similar number of BNB tokens, although the details of any such future arrangement are not presently known. These and other liquidity risk policies and procedures are intended to be consistent with NASDAQ’s generic listing standards as well as IRS Revenue Procedure 2025-31. However, there can be no assurance that such arrangements would be available as intended or provide sufficient liquidity to satisfy redemption requests.

The Trust will not be permitted to engage in Staking unless (and, then, only to the extent that) the Staking Condition is satisfied in addition to the Trust satisfying any additional requirements that may arise in connection with the satisfaction of the Staking Condition, which could negatively affect the value of the Shares.

The Trust currently is prohibited from engaging in Staking, and there can be no assurance that the Trust will be permitted to engage in Staking in the future. At the commencement of this Offering, the Trust will not engage in Staking. The Trust Agreement provides that the Trust may engage in Staking, but only if (and, then, only to the extent that) the Staking Condition has been satisfied. Subject to the Staking Condition being satisfied and subject to compliance with certain related requirements, the Sponsor may cause the Trust to engage in Staking as described herein. The Sponsor in the future may modify the form of Staking in which the Trust engages, but only if (and, then, only to the extent that) the Staking Condition has been satisfied with respect to any such modified form of Staking, and subject to compliance with any additional requirements that may arise in connection with satisfaction of the Staking Condition with respect thereto.

However, as long as the Staking Condition and any related requirements have not been satisfied with respect to any modified form of Staking, the Trust will not engage in such modified form of Staking, which could place the Shares at a comparative disadvantage relative to an investment in BNB directly or through a vehicle that is not subject to such a prohibition, which could negatively affect the value of the Shares.

Staked BNB tokens will be inaccessible for a variable period of time, determined by a range of factors, which could result in certain liquidity risk to the Trust.

Validation on BNB Smart Chain requires BNB to be locked in a smart contracts on the underlying blockchain network not under the control of the person who owns such BNB for a minimum of one day. Additionally, as part of the “bonding” and “unbonding” processes of Staking, staked BNB will be inaccessible for a variable period of time determined by a range of factors, including network congestion. “Bonding” is the funding of a validator to be included in the active set of validators, thereby allowing the validator to participate in the BNB Smart Chain’s proof-of-staked-authority consensus protocol. “Unbonding" is the request to exit from the active set of validators and no longer participate in the BNB Smart Chain’s proof-of-staked-authority consensus protocol. As part of these “bonding” and “unbonding” processes of Staking on the BNB Smart Chain, any staked BNB will be inaccessible for a period of time and will not earn any rewards during this period. Depending on demand, staking can take approximately 24 hours and un-staking can take between seven and 15 days.

The Trust will be dependent on third parties to effectively execute the Trust’s Staking Arrangements.

As the Sponsor currently anticipates that validation activity in connection with Staking will be carried out by the third-party Staking Providers, the amount of Staking Consideration that the Trust’s Staking activity will generate will be dependent on the performance of the Staking Provider, including the adequacy and reliability of the hardware and software utilized by the Staking Provider. If the Custodian or the Staking Provider experience service outages or otherwise are unable to optimally execute validation activity in connection with the Staking of the Trust’s BNB, the Trust’s Staking Consideration may be adversely affected.

The regulatory landscape surrounding Staking is uncertain.

The regulatory landscape surrounding Staking is uncertain. On March 17, 2026, the SEC issued a Commission-level interpretation expressing the view that certain staking activities do not involve the offer and sale of securities within the meaning of the federal securities laws. The interpretation only applies to certain staking activities related

to participating in the consensus mechanism of a proof-of-stake blockchain network and does not directly address blockchain networks that use a proof-of-staked-authority consensus mechanism. Additionally, the SEC’s interpretation is not a formal rule and may be modified or rescinded at any time, and there is a risk that a court could disagree with the views expressed in the interpretation. In that case, or if Staking BNB is otherwise deemed to involve an “investment contract,” and thus a security, under the federal securities laws, the Sponsor, Custodian, and the Trust and its shareholders may be exposed to unforeseen regulatory risks or potential enforcement actions, and the value of BNB and the value of the Shares may be adversely affected.

Beneficial owners of Shares could incur tax liabilities without receiving corresponding distributions from the Trust.