SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2025-10-30
Accession Number: 0001628280-25-047581
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2066824/000162828025047581/vaneckbnbs-1a1.htm

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notice initiated from the Trust's Additional BNB Account. The time of such request shall be the time such notice is transmitted from the Trust's Additional BNB Account. In the context of the foregoing and during such twenty-four (24) hours' notice period, the Additional BNB Custodian makes no representations or warranties with respect to the availability and/or accessibility of (1) the BNB, (2) a Custody Transaction (as defined in the Additional BNB Custody Agreement, which includes a deposit or withdrawal), (3) the Additional BNB Account, or (4) the Custodial Services (as defined in the Additional BNB Custody Agreement). While the Additional BNB Custodian will make reasonable efforts to process client initiated deposits in a timely manner, the Additional BNB Custodian makes no representations or warranties regarding the amount of time needed to complete processing of deposits as such processing is dependent upon many factors outside of the Additional BNB Custodian's control.

Under the Additional BNB Custody Agreement, except in the case of its negligence, fraud, material violation of applicable law or willful misconduct, the Additional BNB Custodian shall not have any liability, obligation, or responsibility for any damage or interruptions caused by any computer viruses, spyware, scareware, Trojan horses, worms or other malware that may affect the Trust's computer or other equipment, or any phishing, spoofing or other attack.

The Additional BNB Custodian could terminate services under the Additional BNB Custody Agreement for any reason and without Cause upon providing the applicable notice to the Trust for any reason, or immediately for Cause ("Cause" is defined in the Additional BNB Custody Agreement as (i) the Trust breaches any provision of the Additional BNB Custody Agreement and such breach is not cured within three (3) business days after notice of such breach is given to the Trust in the case of a payment-related breach or is not cured within ten (10) business days after notice of such breach is given to the Trust; (ii) the Trust takes any action to dissolve or liquidate (iii) the Trust becomes insolvent, makes an assignment for the benefit of creditors, becomes subject to direct control of a trustee, receiver or similar authority; (iv) the Trust becomes subject to any bankruptcy or insolvency proceeding; (v) the Additional BNB Custodian becomes aware of any facts or circumstances with respect to the Trust's financial, legal, regulatory or reputational position which reasonably would materially adversely affect The Trust's ability to comply with its obligations under the Additional BNB Custody Agreement, and such facts and circumstances cannot be cured within five (5) business days; (vi) termination is required pursuant to a facially valid subpoena, court order or binding order of a government authority; (vii) the Trust's Additional BNB Account is subject to any pending litigation, investigation or government proceeding; or (viii) the Additional BNB Custodian reasonably suspects the Trust of attempting to circumvent the Additional BNB Custodian's controls in a manner the Additional BNB Custodian otherwise deems inappropriate or potentially harmful to itself or third parties).

The Transfer Agent

The Transfer Agent: (1) issues and redeems Shares of the Trust; (2) responds to correspondence by Trust Shareholders and others relating to its duties; (3) maintains Shareholder accounts; and (4) makes periodic reports to the Trust.

The Marketing Agent

The Marketing Agent is responsible for: (1) working with the Administrator to review and approve, or reject, purchase and redemption orders of Baskets placed by Authorized Participants with the Administrator; (2) providing assistance in the marketing of the Shares; (3) reviewing and approving the marketing materials prepared by the Sponsor for compliance with applicable SEC and FIRA advertising laws, rules and regulations; and (4) maintaining a public website on behalf of the Trust, containing information about the Trust and the Shares. The internet address of the Trust's website is accessible at www.vaneck.com. This internet address is only provided here as a convenience, and the information contained on or connected to the Trust's website is not considered part of this Prospectus.

MarketVector Indexes GmbH is an indirectly wholly owned-subsidiary of Van Eck Associates Corporation.

CUSTODY OF THE TRUST'S ASSETS

The Trust's BNB Custodian will keep custody of all of the Trust's BNB relating to its BNB Account and Clearing Account. BNB private keys are stored in two different forms: "hot wallet" storage, whereby the private keys are stored on secure, internet-connected devices, and "cold" storage, where digital currency private keys are stored completely offline.

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. The Custody Agreement requires the BNB Custodian to hold the Trust's BNB in its BNB Account in cold storage, unless required to facilitate withdrawals as a temporary measure. BNB temporarily held in the Clearing Account in connection with creations and redemptions or withdrawals of BNB to pay the Sponsor Fee or extraordinary expenses may be held in omnibus hot storage wallets.

As a fiduciary under Section 100 of the New York Banking Law, the BNB Custodian is held to specific capital reserve requirements and banking compliance standards. The BNB Custodian is also subject to the laws, regulations and rules of applicable governmental or regulatory authorities, including: money service business regulations under FinCEN; U.S. state money transmission laws; laws, regulations, and rules of relevant tax authorities; applicable regulations and guidance set forth by FinCEN; the Bank Secrecy Act of 1970; the USA PATRIOT Act of 2001; other anti-money laundering regulations as mandated by U.S. federal law and any other rules and regulations regarding anti-money laundering/counter-terrorist financing; issuances from the Office of Foreign Assets Control; the New York Banking Law; regulations promulgated by the NYDFS from time to time; the National Futures Association; the Financial Industry Regulatory Authority; and the Commodity Exchange Act.

The BNB Custodian provides custody, clearing/settlement, and other capital markets services specifically designed for digital asset exchange-traded funds and other fund vehicles. The BNB Custodian currently custodies and supports other exchange traded products.

The BNB Custodian has been providing services as a limited purpose trust company licensed by the NYSDFS since 2015. The BNB Custodian is a fiduciary under Section 100 of the New York Banking Law and a qualified custodian for purposes of Rule 206(4)-2(d)(6) under the Advisers Act, and it was the world's first digital asset platform to achieve a SOC 1 Type II and SOC 2 Type II certification for custody. [     ]® is also regularly audited and subject to stringent capital reserve requirements. The BNB Custodian has represented to the Sponsor that it also 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. The Trust is not a named insured on such insurance policies and such insurance is not specific to the Trust, but 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.