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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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 10.5

AMENDMENT No. 6 TO

MASTER LICENSE AGREEMENT

This Amendment No. 6 (this “Amendment No. 6”) is effective as of March 1, 2025 (the “Amendment No. 6 Effective Date”) by and between CoinDesk Indices, Inc., a Delaware corporation, having its principal place of business at 169 Madison Ave, Suite 2635, New York, NY 10016 (“CDI”), and Grayscale Investments Sponsors, LLC, a Delaware limited liability company, with an office located at 290 Harbor Drive, Stamford, CT 06902 (“Licensee”). Unless otherwise defined herein, capitalized terms used herein have the meanings specified in or pursuant to the Agreement (defined below).

WHEREAS, CDI and the Licensee are parties to that certain Master Index License Agreement (“Master License Agreement”) dated as of January 31, 2022;

WHEREAS the Master License Agreement was previously amended by Amendment No. 1 to the Master License Agreement dated June 20, 2023 (“Amendment No. 1”), Amendment No. 2 to the Master License Agreement dated May 10, 2024 (“Amendment No. 2”), Amendment No. 3 to the Master License Agreement dated June 28, 2024 (“Amendment No. 3”), Amendment No. 4 to the Master License Agreement dated August 20, 2024 (“Amendment No. 4”) and Amendment No. 5 to the Master License Agreement dated January 29, 2025 (“Amendment No. 5”, and, collectively with Amendment No. 1, Amendment No.2, Amendment No. 3 and Amendment No. 4, the “Prior Amendments”);

WHEREAS, Order No. 1 as set out in Exhibit B of the Master License Agreement (as amended by the Prior Amendments), with an original start date of February 1, 2022, was not renewed pursuant to a notice of non-renewal sent by CDI to Licensee and expires on February 28, 2025; and

WHEREAS, CDI and Licensee desire to amend certain terms of the Master License Agreement (as amended by this Amendment No. 6, the “Agreement”) as set forth herein as of the Amendment No. 6 Effective Date.

NOW THEREFORE, the Parties hereby agree as follows:

Prior Amendments. Each of the Prior Amendments is hereby superseded by this Amendment No. 6 and shall no longer be of any force or effect following the Amendment No. 6 Effective Date.

References to CDI. All references to “Tradeblock” under the Master License Agreement shall be deemed references to “CDI”.

Address for Notice. The address for notice in Section 18 of the Master License Agreement with respect to CDI shall be updated as follows:

CoinDesk Indices, Inc.

169 Madison Ave, Suite 2635

New York, NY 10016

Attention: Legal

E-mail: legal@coindesk-indices.com with a copy to info@coindesk-indices.com

Exhibit A. Exhibit A of the Agreement is deleted in its entirety. The definition of “Entities” set forth in the preamble of the Master License Agreement shall be deemed to be amended and restated with the definition of Entities set forth in the amended and restated Section 5.1 of the Master License Agreement, as set forth below

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 Section 6 of this Amendment No. 6.

Exhibit B. Exhibit B, Order No. 1 of the Agreement is hereby deleted in its entirety and replaced with Order No. 2 (“Order No. 2”) attached hereto as Annex A.

Ratification of Agreement. Except as expressly amended and provided herein, all of the terms, conditions and provisions of the Agreement are hereby ratified and confirmed to be of full force and effect and shall continue in full force and effect.

Counterparts. This Amendment No. 6 may be executed in any number of counterparts, each of which shall be an original against a Party whose signature appears thereon, but all of which together shall constitute but one and the same instrument.

[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 have executed this Amendment No. 6 by their duly authorized representatives as of the Amendment No. 6 Effective Date set forth above.

CoinDesk Indices, Inc. Grayscale Investments Sponsors, LLC

By:	/s/ Alan Campbell By:	/s/ Edward McGee

Name:	Alan Campbell Name:	Edward McGee

Title:	President Title:	Chief Financial Officer

Date:	February 5, 2025 Date:	February 5, 2025

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.

Annex A

Order No. 2

This Order No. 2 (the “Order No. 2”) is entered into in connection with that certain Master Index License Agreement, by and between CoinDesk Indices, Inc. (“CDI”) and Grayscale Investments Sponsors, LLC (“Licensee”), dated January 31, 2022 (the “Master License Agreement”).

This Order No. 2 is incorporated by reference into the Master License Agreement as amended by Amendment No. 6 (the “Agreement”) and shall be governed by the terms set forth in the Agreement. To the extent of any conflict between this Order No. 2 and the Agreement, such term in this Order No. 2 shall prevail. Capitalized terms used but not defined herein have the meanings given to them in the Agreement.

Term of Order No. 2

Start Date: March 1, 2025

End Date: February 29, 2028

Licensed Indexes

As part of the Services, CDI will provide Licensee with the licensed CDI indexes (“Licensed Indexes”) listed below via an application programming interface (“API”):

Licensed Indexes	Digital Asset

1.	CoinDesk Basic Attention Token Price Index (BTX)	Basic Attention Token (BAT)

2.	CoinDesk Bitcoin Cash Price Index (BCX)	Bitcoin Cash (BCH)

3.	CoinDesk Bitcoin Price Index (XBX)	Bitcoin (BTC)

4.	CoinDesk Cardano Price Index (ADX)	Cardano (ADA)

5.	CoinDesk Chainlink Price Index (LNX)	Chainlink (LINK)

6.	CoinDesk Ether Classic Price Index (ECX)	Ethereum Classic (ETC)

7.	CoinDesk Ether Price Index (ETX)	Ethereum (ETH)

8.	CoinDesk Litecoin Price Index (LTX)	Litecoin (LTC)

9.	CoinDesk Lumens Price Index (XLMX)	Stellar Lumens (XLM)

10.	CoinDesk Ripple Price Index (XRX)	Ripple (XRP)

11.	CoinDesk Solana Price Index (SLX)	Solana (SOL)

12.	CoinDesk Uniswap Price Index (UNX)	Uniswap (UNI)

13.	CoinDesk ZCash Price Index (ZCX)	Zcash (ZEC)

14.	CoinDesk Aave Reference Rate	Aave (AAVE)

15.	CoinDesk Avalanche Reference Rate	Avalanche (AVAX)

16.	CoinDesk Bittensor Reference Rate	Bittensor (TAO)

17.	CoinDesk Decentraland Reference Rate	Decentraland (MANA)

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.

18.	CoinDesk Defi Select Index (DFX)	The constituents of the DFX index.

19.	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: