SEC Filing Document

Company: Grayscale BNB ETF
Ticker: GBNB
CIK: 2106762
Filing Type: S-1
Document Type: S-1
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-20260123.htm

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protocol behind the BNB Smart Chain or recorded in, and validated through, the blockchain mechanism. BNB Value Digital Asset Trading Platform Valuation The value of BNB is determined by the value that various market participants place on BNB through their transactions. The most common means of determining the value of a BNB is by surveying one or more Digital Asset Trading Platforms where BNB is traded publicly and transparently (e.g., Coinbase, Bitstamp by Robinhood, Kraken, LMAX Digital and Crypto.com). Additionally, there are over-the-counter dealers or market makers that transact in BNB. Digital Asset Trading Platform Public Market Data On each online Digital Asset Trading Platform, BNB is traded with publicly disclosed valuations for each executed trade, measured by one or more fiat currencies such as the U.S. dollar or euro, or stablecoins such as U.S. Dollar Coin (“USDC”). Over-the-counter dealers or market makers do not typically disclose their trade data.

As of December 31, 2025, the Digital Asset Trading Platforms included in the Index were Binance, Bybit, Gate, Kraken and OKX. As further described below, the Sponsor and the Trust reasonably believe each of these Digital Asset Trading Platforms are in material compliance with applicable licensing requirements based on the Trading Platform Category and jurisdiction, as detailed below, and maintain practices and policies designed to comply with AML and KYC regulations.

Binance: A global trading platform, Binance does not name a formal headquarters. Binance does not hold any licenses or registrations in the U.S. and is not available to U.S. based customers. Binance is categorized by the Index Provider as a “Category 2” trading platform that meets the Inclusion Criteria but is non-U.S. licensed.

Bybit: A United Arab Emirates-based trading platform. Bybit does not hold any licenses or registrations in the U.S. and is not available to U.S. based customers. Bybit is categorized by the Index Provider as a “Category 2” trading platform that meets the Inclusion Criteria but is non-U.S. licensed.

Gate: A Cayman Islands-based trading platform. Gate does not hold any licenses or registrations in the U.S. and is not available to U.S. based customers. Gate is categorized by the Index Provider as a “Category 2” trading platform that meets the Inclusion Criteria but is non-U.S. licensed.

Kraken: A U.S.-based trading platform that has entities registered as MSBs with FinCEN, and that is licensed as a money transmitter in various U.S. states and chartered as a Special Purpose Depository Institution by the Wyoming Division of Banking. Kraken does not hold a BitLicense.

OKX: A Seychelles-based trading platform. OKX does not hold any licenses or registrations in the U.S. and is not available to U.S.-based customers. OKX is categorized by the Index Provider as a “Category 2” trading platform that meets the Inclusion Criteria but is non-U.S. licensed.

Currently, there are several Digital Asset Trading Platforms operating worldwide, and online Digital Asset Trading Platforms represent a substantial percentage of BNB buying and selling activity and provide the most data with respect to prevailing valuations of BNB. These trading platforms include established trading platforms such as the Digital Asset Trading Platforms included in the Index, which provide a number of options for buying and selling BNB.

The below table reflects the trading volume in BNB and market share of the BNB-U.S. dollar and BNB-USDC trading pairs of each of the Digital Asset Trading Platforms included in the Index as of December 31, 2025 (collectively, “Constituent Trading Platforms”), using data since January 1, 2024:

Digital Asset Trading Platforms included in the Index as of December 31, 2025 (1) Volume (BNB) Market Share (2)

Kraken 385,556 66.56	%

OKX 16,713 2.89	%

Total BNB-U.S. dollar trading pair 402,269 69.45	%

Digital Asset Trading Platforms included in the Index as of December 31, 2025 (1) Volume (BNB) Market Share (2)

Binance 42,495,971 95.09	%

Gate 443,131 0.99	%

Bybit 93,710 0.21	%

Kraken 40,332 0.09	%

Total BNB-USDC trading pair 43,073,144 96.38	%

The Digital Asset Trading Platforms initially expected to be included in the Index are Binance, Bybit, Gate, Kraken and OKX.

Market share is calculated using trading volume data (in BNB) for certain Digital Asset Trading Platforms, including Binance, Bybit, Gate, Kraken and OKX, as well as certain other large U.S.-dollar denominated Digital Asset Trading Platforms that are not included in the Index, including Coinbase, Bitstamp by Robinhood, Bitfinex, Bullish, Gemini, Crypto.com, Binance.US, LMAX Digital, CEX.io, KuCoin, and MEXC.

The domicile, regulation and legal compliance of the Digital Asset Trading Platforms included in the Index varies. Information regarding each Digital Asset Trading Platform may be found, where available, on the websites for such Digital Asset Trading Platforms, among other places.

Although the Index is designed to accurately capture the market price of BNB, third parties may be able to purchase and sell BNB on public or private markets not included among the constituent Digital Asset Trading Platforms of the Index, and such transactions may take place at prices materially higher or lower than the Index Price. Moreover, there may be variances in the prices of BNB on the various Digital Asset Trading Platforms, including as a result of differences in fee structures or administrative procedures on different Digital Asset Trading Platforms. For example, based on data provided by the Index Provider, on any given day during the year ended December 31, 2025, the maximum differential between the 4:00 p.m., New York time, spot price of any single Digital Asset Trading Platform included in the Index and the Index Price was 4.00% and the average of the maximum differentials of the 4:00 p.m., New York time, spot price of each Digital Asset Trading Platform included in the Index and the Index Price was 1.58%. During this same period, the average differential between the 4:00 p.m., New York time, spot prices of all the Digital Asset Trading Platforms included in the Index and the Index Price was 0.03%.

To the extent such prices differ materially from the Index Price, investors may lose confidence in the Shares’ ability to track the market price of BNB.

The Index and the Index Price

The Index is a U.S. dollar-denominated composite reference rate for the price of BNB. The Index is designed to (1) mitigate the effects of fraud, manipulation and other anomalous trading activity from impacting the BNB reference rate, (2) provide a real-time, volume-weighted fair value of BNB and (3) appropriately handle and adjust for non-market related events.

The Index Price is determined by the Index Provider through a process in which trade data is cleansed and compiled in such a manner as to algorithmically reduce the impact of anomalistic or manipulative trading. This is accomplished by adjusting the weight of each data input based on price deviation relative to the observable set, as well as recent and long-term trading volume at each venue relative to the observable set. The Index Price is calculated using non-GAAP methodology and is not used in the Trust’s financial statements.

All references to the NAV and NAV per Share of the Trust in this prospectus have been calculated using the Index Price unless indicated otherwise.

Constituent Trading Platform Selection

The Digital Asset Trading Platforms to be included in the Index are selected by the Index Provider utilizing a methodology that is guided by the International Organization of Securities Commissions (“IOSCO”) principles for financial benchmarks. For a trading platform to become a Constituent Trading Platform, it must satisfy the criteria listed below (the “Inclusion Criteria”):

No evidence in the past 12 months of trading restrictions on individuals or entities that would otherwise meet the trading platform’s eligibility requirements to trade;

No evidence in the past 12 months of undisclosed restrictions on deposits or withdrawals from user accounts;

Real-time price discovery;

Limited or no capital controls;

Transparent ownership including a publicly-owned ownership entity;

Publicly available language and policies addressing legal and regulatory compliance, including KYC, AML and other policies designed to comply with relevant regulations that might apply to it;

Offer programmatic spot trading of the trading pair and reliably publish trade prices and volumes on a real-time basis through Rest and Websocket APIs;

Is a centralized spot trading platform ranked BB or higher in the Index Provider’s latest published Trading Platform Benchmark report; and

Is not classified as an Excluded Trading Platform as defined in the Index Provider’s Digital Asset Indices Policy Methodology.

All trading platforms that meet these Inclusion Criteria will be assigned to a “Trading Platform Category” as defined by the additional criteria below, and at least one Category 1 Trading Platform must be included in each Index Price.

A “Category 1 Trading Platform” is a trading platform:

Licensed and/or able to serve investors, retail or professional, in the U.S.; and

That maintains sufficient USD or USDC liquidity relative to the size of the listed assets.

A “Category 2 Trading Platform” is a trading platform:

Licensed (including in-principal licensure) and/or able to serve investors, retail or professional, in one or more of the following jurisdictions: United Kingdom, European Union, Hong Kong, Singapore; and