SEC Filing Document

Company: Grayscale BNB ETF
Ticker: GBNB
CIK: 2106762
Filing Type: S-1
Document Type: EX-10.5
Date Filed: 2026-01-23
Accession Number: 0001193125-26-020367
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2106762/000119312526020367/gbnb-ex10_5.htm

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CoinDesk Dogecoin Reference Rate Dogecoin (DOGE) 20. CoinDesk Filecoin Reference Rate Filecoin (FIL) 21. CoinDesk Horizen Reference Rate Horizen (ZEN) 22. CoinDesk Large Cap Select Index (DLCS) The constituents of the DLCS index. 23. CoinDesk Lido Reference Rate Lido (LDO) 24. CoinDesk Livepeer Reference Rate Livepeer (LPT) 25. CoinDesk MakerDao Reference Rate Maker (MKR) 26. CoinDesk Near Reference Rate NEAR (NEAR) 27. CoinDesk Optimism Reference Rate Optimism (OP) 28. CoinDesk Polkadot Reference Rate Polkadot (DOT) 29. CoinDesk Render Reference Rate Render - SOL (RENDER) 30. CoinDesk Smart Contract Platform Select Ex ETH Index (SCPXX) The constituents of the SCPXX index. 31. CoinDesk Stacks Reference Rate Stacks (STX) 32. CoinDesk Sui Reference Rate Sui (SUI) 33. CoinDesk Synthetix Network Reference Rate Synthetix Network (SNX) 34. CoinDesk The Graph Reference Rate The Graph (GRT) 35. CoinDesk PYTH Reference Rate Pyth Network (PYTH) The Service will include CDI providing Licensee with the following:

Daily End of Day Data for each of the Licensed Indexes. For purposes of this Order No. 2, “End of Day” is defined as Data as of immediately prior to 4:00 PM Eastern Time (ET) (“End of Day”).

Live updates to the Licensed Indexes. For purposes of this Order No. 2, “Live” is defined as data that is calculated in real-time in accordance with the applicable methodology (“Live”).

All available historical End of Day data for each of the Licensed Indexes.

Ancillary Information for each of the Licensed Indexes. For purposes of this Order No. 2, “Ancillary Information” means information such as reconstitutions, rebalances, consultations, announcements, etc., as applicable.

Proper attribution will be provided to CDI with respect to the Entities and all related marketing and informational materials, which will include using the short form disclaimer in marketing materials and the long form disclaimer in offering materials, respectively, each as set forth on Exhibit A to this Order No. 2 (as CDI may update upon written notice

Certain confidential information contained in this document, marked by [**], has been omitted because

the Registrant has determined that the information (i) is not material and (ii) would likely

cause competitive harm to the Registrant if publicly disclosed.

Certain confidential information contained in this document, marked by [**], has been omitted because

the Registrant has determined that the information (i) is not material and (ii) would likely

cause competitive harm to the Registrant if publicly disclosed.

to Licensee from time to time). Licensee will obtain CDI’s authorization on the initial use of such disclaimers; subsequent use shall not be required absent material changes being made to the relevant materials.

Without limiting the limitations of liability set forth in the Agreement or the attribution and disclaimer requirements of this Order No. 2, Licensee will ensure via its end user contracts, its Entities’ disclosure materials and related disclaimers and limitations of liability that (among other things) CDI owes no fiduciary obligation to Licensee or any of its users or investors and all related beneficiaries, and all data and services are provided by CDI ‘as is’ with no warranty of any kind, including for being error or interruption free.

Delivery of Services

For End of Day Data with respect to the Licensed Indexes, CDI agrees to provide the Services to Licensee via an API.

For Live updates with respect to the Licensed Indexes, CDI agrees to provide the Services to Licensee via an API.

For historical End of Day Data, CDI agrees to provide such portion of the Service to Licensee via a one-time delivery of a flat file.

For Ancillary Information, CDI agrees to provide the Services to Licensee via email and/or API, as applicable.

Should CDI update its file delivery mechanism(s) from time to time (e.g., SFTP), Licensee agrees to receive delivery of the Service via such updated mechanism.

[Signature Page Follows]

Certain confidential information contained in this document, marked by [**], has been omitted because

the Registrant has determined that the information (i) is not material and (ii) would likely

cause competitive harm to the Registrant if publicly disclosed.

Certain confidential information contained in this document, marked by [**], has been omitted because

the Registrant has determined that the information (i) is not material and (ii) would likely

cause competitive harm to the Registrant if publicly disclosed.

IN WITNESS WHEREOF, the Parties hereto by their duly authorized representatives have executed this Order No. 2 as of the Amendment No. 6 Effective Date set forth above.

Grayscale Investments Sponsors, LLC CoinDesk Indices, Inc.

Signature:	/s/ Edward McGee Signature:	/s/ Alan Campbell

Name:	Edward McGee Name:	Alan Campbell

Title:	Chief Financial Officer Title:	President

Certain confidential information contained in this document, marked by [**], has been omitted because

the Registrant has determined that the information (i) is not material and (ii) would likely

cause competitive harm to the Registrant if publicly disclosed.

Certain confidential information contained in this document, marked by [**], has been omitted because

the Registrant has determined that the information (i) is not material and (ii) would likely

cause competitive harm to the Registrant if publicly disclosed.

Exhibit A

Long Form Disclaimer (e.g., financial product offering prospectus)

COINDESK® and [name of index/index family/trend indicator, e.g., “COINDESK BITCOIN PRICE INDEX”] (the “Index”) are trade or service marks of CoinDesk Indices, Inc. (with its affiliates, including CC Data Limited, “CDI”) and/or its licensors. CDI or CDI's licensors own all proprietary rights in the Data.

CDI is not the issuer or producer of [insert name of approved products] and has no responsibilities, obligations, or duties to investors in or holders of [insert name of approved product]. The Index is licensed for use by [insert name of the issuer or producer] as the issuer of [insert name of approved product]. The only relationship that CDI has with [insert name of the issuer or producer] in respect of [insert name of approved product] is the licensing of the Index, which is administered and published by CDI, or any successor thereto, without regard to the issuer of the [insert name of approved product] or the owners or holders of the [insert name of approved product].

Investors or holders acquire [insert name of approved product] from [insert name of the issuer or producer] and investors and holders neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever with CDI upon making an investment in or acquisition of [insert name of approved product]. The [insert name of approved product] is not sponsored, endorsed, sold, or promoted by CDI. CDI makes no representation or warranty, express or implied, regarding the advisability of investing in or otherwise acquiring the [insert name of approved product] or the advisability of investing in securities or digital assets generally or the ability of the Index to track corresponding or relative market performance. CDI has not passed on the legality or suitability of the [insert name of approved product] with respect to any person or entity. CDI is not responsible for, nor has participated in, the determination of the timing of, prices at, or quantities of the [insert name of approved product] to be issued. CDI has no obligation to take the needs of the issuer or the owners or holders of the [insert name of approved product] or any other third party into consideration in administering, composing, calculating, or publishing the Index. CDI has no obligation or liability in connection with administration, marketing, or trading of the [insert name of approved product].

The licensing agreement between [insert name of the issuer or producer] and CDI is solely for the benefit of [insert name of the issuer or producer] and CDI and not for the benefit of the owners or holders of the [insert name of approved product] or any other third parties.

CDI SHALL HAVE NO LIABILITY TO THE ISSUER, INVESTORS, HOLDERS OR OTHER THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE DATA. CDI HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY OTHERDATA INCLUDED THEREIN. CDI RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE INDEX AND SHALL NOT BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED, OR INTERRUPTED PUBLICATION WITH RESPECT TO THE INDEX. CDI SHALL NOT BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH, RESULTING FROM THE USE OF THE INDEX OR ANY OTHER DATA INCLUDED THEREIN OR WITH RESPECT TO THE [INSERT NAME OF APPROVED PRODUCT].

Certain confidential information contained in this document, marked by [**], has been omitted because

the Registrant has determined that the information (i) is not material and (ii) would likely

cause competitive harm to the Registrant if publicly disclosed.

Certain confidential information contained in this document, marked by [**], has been omitted because