SEC Filing Document

Company: Grayscale BNB ETF
Ticker: GBNB
CIK: 2106762
Filing Type: S-1
Document Type: EX-10.3
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_3.htm

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Services offerings. Upon Licensee’s request, TradeBlock cannot guarantee but will endeavor to support Licensee’s specific requirements for compliance with Applicable Laws and regulations, and any modification to 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) is of the type that the registrant treats as private or confidential. 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) is of the type that the registrant treats as private or confidential. CoinDesk Indices, Inc. 250 Park Avenue South, 2nd Floor New York, NY 10003 TradeBlock’s standard Services offerings requested or required by Licensee may require professional services work by TradeBlock and/or additional fees. courier or via registered mail return receipt requested):If to Licensee: Grayscale Investments, LLC

17. Third Party Applications.  From time to time, TradeBlock may make available plug-in or add-on applications from third parties that integrate or interoperate with the Services (each, an “ Application ”). If Licensee, in its sole discretion, chooses to install, access, or enable an Application, Licensee acknowledges and agrees that the third-party provider of such Application may acquire access to Licensee’s account data and information as required for the interoperation or integration of such Application, and that the Application shall be governed by its own terms and conditions and are not part of the Services under this Agreement. Licensee assumes full responsibility for any damages, losses, costs, or harms arising from the use of or inability to use any such Application. To the fullest extent permitted by Applicable Law, TradeBlock disclaims all liabilities with respect to Licensee’s use of or inability to use any such Application and the performance or non-performance of such Application (including direct, indirect, incidental, punitive or consequential damages). TradeBlock has no obligation to monitor such Applications and does not control or endorse the content, messages or information found in such Applications and specifically disclaims any liability with regard to such content, messages or information. TradeBlock does not monitor or control the limitation, suspension or termination of their services and specifically disclaims any liability with regard to such Applications service limitation, suspension or termination. ANY AND ALL SUCH APPLICATIONS ARE PROVIDED “AS IS”, AND TRADEBLOCK DOES NOT WARRANT, GUARANTEE, OR MAKE ANY REPRESENTATIONS REGARDING THE USE, THE RESULTS OF THE USE, OR THE BENEFITS OF THE APPLICATIONS, OR ANY INFORMATION CONTAINED THEREIN OR OTHERWISE PROVIDED, OR THAT THE APPLICATIONS WILL BE ERROR-FREE OR FREE FROM INTERRUPTIONS OR OTHER FAILURES. TRADEBLOCK HEREBY DISCLAIMS ALL REPRESENTATIONS, WARRANTIES AND OTHER TERMS AND CONDITIONS WITH REGARD TO SUCH APPLICATIONS, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NON-INFRINGEMENT. 290 Harbor Drive, Stamford, CT 06902 Attention: Edward McGee, Vice President, Finance Telephone: +1 (212) 668-3911 Email: legal@grayscale.co If to TradeBlock: CoinDesk Indices, Inc. 250 Park Avenue South, 2nd Floor, New York, NY 10003 Attention: Accounts and Operations Telephone: +1 (646) 666-7304 E-mail: contact@tradeblock.com   19. Independent Contractors. The Parties are independent contractors and neither this Agreement nor the performance of Services shall create an association, partnership, joint venture, or relationship of principal and agent, master and servant, or employer and employee, between the parties; and neither Party will have the right, power or authority (whether expressed or implied) to enter into or assume any duty or obligation on behalf of the other Party.   20. Marketing.  Licensee hereby authorizes TradeBlock to (a) list Licensee in TradeBlock’s customer lists, and (b) use Licensee’s name and logo on TradeBlock’s website and other marketing materials solely for purposes of identifying Licensee as a customer of the Services, subject, in all cases and in each instance, to Licensee’s prior written consent. TradeBlock hereby authorizes Licensee to (a) list TradeBlock in Licensee’s preferred vendor lists, and (b) use TradeBlock’s name and logo on Licensee’s website and other marketing materials solely for purposes of identifying TradeBlock as a provider of the Services. In addition, TradeBlock may describe the Services used by Licensee and Licensee’s experience with such Services, and TradeBlock may develop and make available a case study, magazine article, video, press release (including a win release announcement) and/or podcast related to Licensee’s use of the Services (the “ Content ”); provided, however,  that such Content may not be publicly used or distributed without prior written consent of

18. Notices.  All notices required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been given when (a) delivered personally, (b) sent via a recognized overnight courier or via registered mail return receipt requested, or (c) sent via email (with a copy sent via a recognized overnight Licensee. If Licensee notifies TradeBlock of any incorrect usage of its name or logo in connection with the foregoing, TradeBlock will promptly correct such usage.

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) is of the type

that the registrant treats as private or confidential.

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) is of the type

that the registrant treats as private or confidential.

CoinDesk Indices, Inc.

250 Park Avenue South, 2nd Floor

New York, NY 10003