SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-03-16
Accession Number: 0001628280-26-017834
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2066824/000162828026017834/vaneckbnbs-1a3.htm

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the BNB Custodian has represented to the Sponsor that such insurance covers customer losses, including losses suffered by the Trust, arising from specified events, including fraud, theft, and cybersecurity breaches. The BNB Custodian will use segregated cold storage BNB addresses for the Trust's BNB Account, which is separate from the BNB addresses that the BNB Custodian uses for its other customers and which are directly verifiable via the BNB Chain. The BNB Custodian will at all times record and identify in its books and records that such BNB constitute the property of the Trust. The BNB Custodian will not loan, hypothecate, pledge or otherwise encumber the Trust's BNB, as applicable, without the Trust's instruction, nor will the Sponsor or any other entity or service provider. The Trust will not lease or loan BNB held in the Trust's account with the BNB Custodian and will not give instructions to that effect.

BNB Storage Structure

BNB private keys are stored in two different forms: "hot wallet" storage, whereby the private keys are connected to the internet, and "cold" storage, where digital currency private keys are stored completely offline. The Trust's BNB will be stored by the BNB Custodian offline in cold storage. When under the purview of the BNB Custodian, BNB will only enter "hot" storage in the case of creations and redemptions or withdrawals to pay the Sponsor Fee or extraordinary expenses, meaning that the BNB will only be in "hot" storage for a temporary period. The BNB Custodian will store private keys in geographically diverse regions across the continental United States.

The BNB Custodian has adopted the following security policies and practices with respect to digital assets held in cold storage: HSMs are used to generate, store and manage cold storage private keys; multi-signature technology is used to provide both security against attacks and tolerance for losing access to a key or facility, eliminating single points of failure; all HSMs are stored offline in air-gapped environments within a diverse network of guarded, monitored and access-controlled facilities that are geographically distributed; multiple levels of physical security and monitoring controls are implemented to safeguard HSMs within storage facilities; and all fund transfers require the coordinated actions of multiple employees.

The BNB Custodian has adopted the following security policies and practices with respect to digital assets held in its hot wallet: HSMs are used to store and manage hot wallet private keys; operational redundancy is achieved through geographic disbursement of failover storage facilities and hardware, thus protecting against service disruptions and single points of failure; all hot wallet HSMs are stored within secured facilities that are access-controlled, guarded, and monitored; tiered access-controls are applied to the BNB Custodian's production environment to restrict access to employees based on role, following the principle of least-privilege; administrative access to its production environment requires multi-factor authentication; and it offers additional account level protections such as crypto address whitelisting, which allows customers to restrict withdrawals to addresses only included in the customer's whitelist.

The Trust will use the Clearing Account in connection with the Clearing Services. While the BNB Custodian maintains records of the Trust's BNB balance in its Clearing Account, the actual BNB relating to the Trust's Clearing Account is held in omnibus wallets by the BNB Custodian, meaning that BNB owned by multiple customers is held in the same wallet and at the same address on the BNB Chain. The Trust's Clearing Account balance therefore represents an omnibus claim on the BNB Custodian's BNB held in such wallets, and the Trust does not have an identifiable claim to specific BNB. The BNB Custodian holds the BNB across a combination of omnibus hot wallets and cold wallets. The Sponsor has no control over, and the BNB Custodian does not disclose to the Sponsor, the amount of BNB that the BNB Custodian holds in connection with the Trust's Clearing Account in omnibus hot wallets, as compared to omnibus cold wallets. The BNB Custodian could hold substantially all BNB connected to the Trust's Clearing Account in omnibus hot wallets.

[     ] BSA/AML Program

The BNB Custodian has adopted the [     ] BSA/AML Program for its digital asset trading platform and custody service in an effort to maintain the highest possible compliance with applicable laws and regulations relating to anti-money laundering in the U.S. and other countries where it conducts business. This program includes robust internal policies, procedures and controls that combat any attempted use of [     ] for illegal or illicit purposes, including a customer identification program, annual training of all employees and officers in anti-money laundering regulation, filing of Suspicious Activity Reports and Currency Transaction Reports with the U.S. Financial Crimes Enforcement Network and annual internal and independent audits of the [     ] BSA/AML Program.

Website Security

The BNB Custodian has implemented certain security policies and practices to enhance security on its website, including through the use of two-factor authentication for certain user actions, such as withdrawals; a requirement for strong passwords from its users, which are cryptographically hashed using modern standards; encryption of sensitive user information, both in transit and at rest; the application of rate-limiting procedures to certain account operations such as login attempts to thwart brute force attacks; the transmission of website data over encrypted transport layer security connections; the leveraging of content-security policy and HTTP strict transport security features in modern browsers; partnerships with enterprise vendors to mitigate-potential distributed denial-of-service attacks; and the use of separate access controls on internal-only sections of the BNB Custodian's website.

Internal Control

In addition to the security policies and procedures discussed above, the BNB Custodian has also instituted the following internal controls: multiple signatories are required to transfer funds out of cold storage; the BNB Custodian's Chief Executive Officer and President are unable to individually or jointly transfer funds out of cold storage; all private keys are stored offsite in secure facilities; all employees undergo criminal and credit background

checks, and are subject to ongoing background checks throughout their employment; and all remote-access by employees uses public-key authentication (e.g. no passwords, one-time passwords or other phishable credentials are used).

Insurance

The BNB Custodian, as custodian of the Trust's BNB, is responsible for securing the Trust's BNB. The BNB Custodian currently maintains digital asset insurance consisting of a $100 million specie policy which provides certain coverage for digital assets held in its cold storage system, as well as a $25 million crime policy which provides certain coverage for assets and funds including those digital assets held in its hot wallets. This insurance coverage applies to all digital assets held by the BNB Custodian. Such insurance is shared with other customers and is not specific to the Trust. The Trust is not a named beneficiary under the BNB Custodian's insurance policies, though the BNB Custodian has represented to the Sponsor that the insurance covers customer losses, including losses suffered by the Trust, arising from specified events, including fraud, theft, and cybersecurity breaches. For more information, see "RISK FACTORS—The Lack Of Full Insurance And Shareholders' Limited Rights Of Legal Recourse Against The Trust, Trustee, Sponsor, Administrator, Cash Custodian and BNB Custodian Expose The Trust And Its Shareholders To The Risk Of Loss Of The Trust's BNB For Which No Person Or Entity Is Liable." The amounts and continuing availability of this coverage are subject to change at the BNB Custodian's sole discretion. The BNB Custodian also maintains separate commercial crime insurance coverage for digital assets custodied in its "hot wallet". To date, the BNB Custodian has never experienced a loss due to unauthorized access from its hot wallet or the cold storage vaults.

Each Liquidity Provider is required to maintain a Liquidity Provider BNB account at the Trust's BNB Custodian.

The Trust's Transfer Agent will facilitate the settlement of Shares in response to the placement of creation orders and redemption orders from Authorized Participants. The Trust generally does not intend to hold cash or cash equivalents except in connection with cash creation and redemption orders. However, there may be situations where the Trust will unexpectedly hold cash on a temporary basis.]

FORM OF SHARES

Registered Form

Shares are issued in registered form in accordance with the Trust Agreement. The Transfer Agent has been appointed registrar and transfer agent for the purpose of transferring Shares in certificated form. The Transfer Agent keeps a record of all Shareholders and holders of the Shares in certified form in the registry ("Register"). The Sponsor recognizes transfers of Shares in certificated form only if done in accordance with the Trust Agreement. The beneficial interests in such Shares are held in book-entry form through participants and/or accountholders in DTC.

Book Entry