SEC Filing Document

Company: Grayscale BNB ETF
Ticker: GBNB
CIK: 2106762
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-04-07
Accession Number: 0001193125-26-145494
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2106762/000119312526145494/bnb_s-1_amendment_1.htm

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Asset Trading Platform that experiences periods of unusual activity or limited liquidity by discounting, in real-time, anomalous price movements at individual Digital Asset Trading Platforms. The Digital Asset Trading Platforms that are 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 an exchange to become a Constituent Trading Platform (as defined herein), it must satisfy the Inclusion Criteria described in this prospectus, as may be updated by the Index Provider from time to time. See “Risk Factors—Risk Factors Related to the Digital Asset Markets—The Index Price used to calculate the value of the Trust’s BNB may be volatile, and purchasing and selling activity in the Digital Asset Markets associated with Basket creations and redemptions may affect the Index Price and Share trading prices, adversely affecting the value of the Shares.”

Index price data and the description of the Index are based on information publicly available at the Index Provider’s website at www.coindesk.com/indices/. None of the information on the Index Provider’s website is incorporated by reference into this prospectus. The Sponsor does not employ index oversight procedures independent of the procedures employed by the Index Provider.

The Index Provider may change the trading venues that are used to calculate the Index Price or otherwise change the way in which the Index Price is calculated at any time. If the Index Price becomes unavailable, or if the Sponsor determines in good faith that the Index Price does not reflect an accurate BNB price, then the Sponsor will, on a best efforts basis, contact the Index Provider to obtain the Index Price directly from the Index Provider. If after such contact the Index Price remains unavailable or the Sponsor continues to believe in good faith that the Index Price does not reflect an accurate BNB price, then the Sponsor will employ a cascading set of rules to determine the Index Price, as described in “Business—Overview of the BNB Industry and Market—The Index and the Index Price.”

The Sponsor may, in its sole discretion, select a different Index Provider, select a different index price provided by the Index Provider, calculate the Index Price using a cascading set of rules as described above, or change such cascading set of rules at any time. The Sponsor will provide notice of any such changes in the Trust’s periodic or current reports and, if the Sponsor makes such a change other than on an ad hoc or temporary basis, will file a proposed rule change with the SEC.

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 March 31, 2026, the Digital Asset Trading Platforms included in the Index were Binance, Bitstamp by Robinhood, 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 U.S. federal and state licensing requirements based on the Trading Platform Category and jurisdiction, as detailed below, and maintain practices and policies designed to comply with anti-money laundering (“AML”) and know-your-customer (“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.

Bitstamp by Robinhood:  A U.K.-based trading platform that has U.S. operations and entities registered as MSB’s with FinCEN, holds a BitLicense, and that is licensed as a money transmitter in various U.S. states.

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.

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.

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.

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 March 31, 2026 (collectively, “Constituent Trading Platforms”), using data since January 1, 2024:

Digital Asset Trading Platforms included in the Index as of March 31, 2026 (1) Volume (BNB) Market Share (2)

Kraken 540,768 50.22	%

OKX 19,623 1.82	%

Bitstamp by Robinhood 11,516 1.07	%

Binance 863 0.08	%

Total BNB-U.S. dollar trading pair 572,770 53.19	%

Digital Asset Trading Platforms included in the Index as of March 31, 2026 (1) Volume (BNB) Market Share (2)

Binance 47,853,801 94.85	%

Gate 571,321 1.13	%

OKX 135,123 0.27	%

Bybit 121,057 0.24	%

Kraken 54,352 0.11	%

Total BNB-USDC trading pair 48,735,654 96.60	%

(1) The Digital Asset Trading Platforms initially expected to be included in the Index are Binance, Bitstamp by Robinhood, Bybit, Gate, Kraken and OKX.   (2) Market share is calculated using trading volume data (in BNB) for certain Digital Asset Trading Platforms, including Binance, Bitstamp by Robinhood, 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, Bitfinex, Bullish, Gemini, Crypto.com, Binance.US, LMAX Digital, CEX.io, KuCoin, and MEXC.

Creation and Redemption	The Trust creates and redeems Shares from time to time, but only in one or more whole Baskets of 10,000 Shares each, but may be subject to change. At this time, the Trust is permitted to create or redeem Shares pursuant to In-Kind Orders and Cash Orders. In a Cash Order, a Basket is made in exchange for delivery to the Trust or the distribution by the Trust of an amount of cash, equivalent to the amount of BNB represented by the Basket being created or redeemed, as the case may be, the amount of which is representative of the combined NAV of the number of Shares included in the Baskets being created or redeemed determined as of 4:00 p.m., New York time, on the day the order to create or redeem Baskets is properly received. Except when aggregated in Baskets or under extraordinary circumstances permitted under the Trust Agreement, the Shares are not individually redeemable securities.

The Trust issues and redeems Shares on an ongoing basis, but only in one or more whole Baskets of 10,000 Shares each. The creation and redemption of Baskets requires the delivery to or acquisition by the Trust, or the distribution or disposition by the Trust, of the amount of BNB represented by the Baskets being created or redeemed, the number of which is equal to the “Basket Amount” as of 4:00 p.m., New York time, on the trade date of a creation or redemption order multiplied by the number of Baskets being created or redeemed (the “Total Basket Amount”). The amount of BNB required to create a Basket, or to be delivered or disposed of upon the redemption of a Basket, will gradually decrease over time due to the transfer of the Trust’s BNB to pay the Sponsor’s Fee and the delivery or sale of the Trust’s BNB to pay any Trust expenses not assumed by the Sponsor. See “Description of Creation and Redemption of Shares” in this prospectus.