SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-04-28
Accession Number: 0001628280-26-027783
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2066824/000162828026027783/vaneckbnbs-1a4.htm

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will be filed with the SEC and the Exchange and will be distributed to such persons and in such manner, as is required by applicable laws, rules and regulations. The Sponsor is responsible for the registration and qualification of the Shares under the federal securities laws. The Sponsor will also prepare, or cause to be prepared, and file any periodic reports or updates required under the Exchange Act. The Administrator will assist and support the Sponsor in the preparation of such reports. The Administrator will make such elections, file such tax returns, and prepare, disseminate and file such tax reports, as it is advised to by its counsel or accountants or as required from time to time by any applicable statute, rule or regulation. FISCAL YEAR The fiscal year of the Trust is the calendar year. The Sponsor may select an alternate fiscal year. GOVERNING LAW; CONSENT TO DELAWARE JURISDICTION

The rights of the Sponsor, the Trust, DTC (as registered owner of the Trust’s global certificate for Shares) and the Shareholders are governed by the laws of the State of Delaware. The Sponsor, the Trust and DTC and, by accepting Shares, each DTC Participant and each Shareholder, consent to the non-exclusive jurisdiction of the courts of the State of Delaware and any federal courts located in Delaware, provided that (i) the forum selection provisions do not apply to suits brought to enforce a duty or liability created by the 1933 Act, the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction and (ii) the federal district courts of the United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the 1933 Act, the Exchange Act, or the rules and regulations promulgated thereunder. Such consent is not required for any person to assert a claim of Delaware jurisdiction over the Sponsor and the Trust.

Section 22 of the 1933 Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the 1933 Act or the rules and regulations thereunder. Investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder.

LEGAL MATTERS

Litigation and Claims

Within the past five years of the date of this Prospectus, there have been no material administrative, civil or criminal actions against the Sponsor, the Trust or any principal or affiliate of any of them. This includes any actions pending, on appeal, concluded, threatened, or otherwise known to them.

Legal Opinion

Sidley Austin LLP has advised the Sponsor in connection with the Shares being offered and has also rendered an opinion regarding the material federal income tax consequences relating to the shares. Sidley Austin LLP also advises the Sponsor with respect to its responsibilities as sponsor of, and with respect to matters relating to, the Trust. Certain opinions of counsel will be filed with the SEC as exhibits to the Registration Statement of which this Prospectus is a part.

EXPERTS

The financial statement of VanEck BNB ETF are included herein in reliance on the report of Cohen & Company, Ltd., an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

MATERIAL CONTRACTS

Administration and Accounting Agreement

On November 13, 2025, the Trust entered into an administration and accounting agreement (the “Administration and Accounting Agreement”) with the Administrator.

Pursuant to the Administration and Accounting Agreement, the Administrator is generally responsible for the furnishing certain administrative services to the Trust. The responsibilities of the Administrator include: (i) providing administrative, tax and accounting services and financial reporting for the maintenance and operations of the Trust; (ii) valuing the Trust’s BNB; (iii) calculating the net asset value per Share of the Trust and the net asset value of the Trust; (iv) supplying pricing information to the Sponsor for the Trust’s website; and (v) providing the office space, equipment, personnel and facilities required such services.

The Administration Agreement will have a one-year initial term and will automatically be renewed for successive one-year periods, unless terminated pursuant to the terms of the agreement.

Cash Custody Agreement

On November 13, 2025, the Trust entered into an administration and accounting agreement (the “Cash Custody Agreement”) with the Cash Custodian.

Pursuant to the Cash Custody Agreement, the Cash Custodian is generally responsible for, among other things, (i) opening and maintaining a separate deposit account or accounts of the Trust; (ii) determining the amount of BNB and/or cash required for an issuance or redemption of shares in a Basket; and (iii) releasing and delivering non-BNB assets and pay out cash.

The Cash Custody Agreement will have a one-year initial term and will automatically be renewed for successive one-year periods, unless terminated pursuant to the terms of the agreement.

Custody Agreement

On November 14, 2025, the Trust entered into a master custody service agreement with Anchorage Digital Bank N.A., as BNB Custodian, as amended from time to time, including the first amendment thereto dated November 18, 2025 (the “Custody Agreement”).

Pursuant to the Custody Agreement, the BNB Custodian is generally responsible for making the BNB Account available to the Trust. The responsibilities of the BNB Custodian also include: (i) maintaining the BNB Account; (ii) providing the Trust with access to the Fiat Account; (iii) allowing BNB to be deposited from a public blockchain address to the Trust’s BNB Account; and (iv) allowing BNB to be withdrawn from the BNB Account to a public blockchain address as instructed by the Trust.

The Custody Agreement will have a three-year initial term and will automatically be renewed for successive one-year periods, unless terminated pursuant to the terms of the agreement.

Transfer Agency Agreement

On November 13, 2025, the Trust entered into a transfer agency and service agreement (the “Transfer Agency Agreement”) with the Transfer Agent.

Pursuant to the Transfer Agency Agreement, the Transfer Agent is generally responsible for the day-to-day administration of the Trust. The responsibilities of the Transfer Agent include: (i) establishing and maintaining each Authorized Participant’s account in the Trust; (ii) receiving and processing orders for the purchase of creation units from the Sponsor or Trust and deliver any cash payment to the custodian; (iii) receiving and processing redemption requests and directions from the Sponsor or Trust; and (iv) recording the issuance of Shares of the Trust and maintaining a record of the total number of Shares of the Trust which are issued and outstanding, based upon data provided to it by the Trust.

The Transfer Agreement will have a one-year initial term and will automatically be renewed for successive one-year periods, unless terminated pursuant to the terms of the agreement.

Marketing Agreement

On November 19, 2025, the Sponsor entered into a marketing agent agreement (the “Marketing Agreement”) with the Marketing Agent.

Under the Marketing Agreement, the Sponsor has agreed to develop and prepare, subject to the review and written approval of the Marketing Agent, marketing materials for the Trust, which will comply with all applicable laws, rules and regulations in all material respects. The Sponsor shall prepare and make all regulatory filings for all marketing materials prepared by either party on a timely basis.

The Marketing Agreement also provides that the Marketing Agent shall develop and prepare, subject to the review and written approval of the Sponsor, marketing materials for the Trust, which will comply with all applicable laws, rules and regulations in all material respects. If the Marketing Agent becomes the sponsor of the trust, it shall prepare and make all regulatory filings for all marketing materials prepared by either party on a timely basis.

The Marketing Agent will use its best efforts to market the Shares in accordance with the terms of the Marketing Agreement. In addition, the Marketing Agent will develop a “landing page” for the Trust, which can be part of an existing non-exclusive website. The website may include, among other things, sales material, prospectuses, and closing prices.

License Agreement

On November 29, 2025 the Sponsor entered into an index license agreement with MarketVector (as amended, the “License Agreement”), whereby MarketVector has granted the Sponsor a transferable, non-exclusive limited license for the territory of the United States to use (i) the MarketVector™ BNB Benchmark Rate and (ii) the trade name and service mark rights to “Market Vector™”. The License Agreement is effective for a period of one year from the effective date of the agreement and automatically renew for successive one-year terms unless the Sponsor terminates the agreement in accordance with the terms of the License Agreement or provides notice of its intent to not renew the License Agreement.

Sublicense Agreement