SEC Filing Document

Company: VanEck BNB ETF
Ticker: 
CIK: 2066824
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-05-15
Accession Number: 0001628280-26-035722
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2066824/000162828026035722/vaneckbnbs-1a5.htm

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previously acquired digital asset, before they can purchase or sell assets on the spot market. The process of establishing an account with a BNB spot market and trading BNB is different from, and should not be confused with, the process of users sending BNB from one BNB address to another BNB address on the BNB Smart Chain. This latter process is an activity that occurs on the BNB Smart Chain, while the former is an activity that occurs entirely on the private website operated by the spot market. The spot market typically records the investor’s ownership of BNB in its internal books and records, rather than on the BNB Smart Chain. The spot market ordinarily does not transfer BNB to the investor on the BNB Smart Chain unless the investor makes a request to the spot market to withdraw the BNB in their exchange account to an off-exchange BNB wallet.

Outside of spot markets, BNB can be traded OTC in transactions that are not publicly reported. The OTC market is largely institutional in nature, and OTC market participants generally consist of institutional entities, such as firms that offer two-sided liquidity for BNB, investment managers, proprietary trading firms, high-net-worth individuals that trade BNB on a proprietary basis, entities with sizeable BNB holdings, and family offices. The OTC market provides a relatively flexible market in terms of quotes, price, quantity, and other factors, although it tends to involve large blocks of BNB. The OTC market has no formal structure and no open-outcry meeting place. Parties engaging in OTC transactions will agree upon a price—often via phone or email—and then one of the two parties will then initiate the transaction. For example, a seller of BNB could initiate the transaction by sending the BNB to the buyer’s BNB address. The buyer would then wire U.S. dollars to the seller’s bank account. OTC trades are sometimes hedged and eventually settled with concomitant trades on BNB spot markets.

BNB is also traded on cryptocurrency derivatives platforms through futures contracts and perpetual swap agreements. These derivatives generally reference the future price of BNB and may allow market participants to obtain leveraged long or short exposure to BNB without directly holding the underlying token. Such instruments are typically subject to margin requirements, periodic funding payments (in the case of perpetual swaps), and mark-to-market settlement. As a result, BNB derivatives markets may experience higher volatility than spot markets, particularly during periods of rapid price movements that trigger liquidations of leveraged positions. BNB futures contracts are actively traded on global cryptocurrency derivatives platforms, many of which are located outside the United States and are subject to varying degrees of regulatory oversight. These offshore platforms may involve counterparty risk, differing market structures, and reduced transparency relative to U.S.-regulated futures exchanges. In addition, BNB-specific futures have recently been listed on ICE Futures U.S., a Commodity Futures Trading Commission–regulated designated contract market. These contracts are U.S. dollar–denominated, cash-settled futures referencing the CoinDesk BNB Benchmark Rate and are cleared through ICE Clear U.S. As these regulated contracts are relatively new, liquidity and trading volume may be more limited than on established offshore derivatives platforms. Market participants may therefore continue to rely primarily on non-U.S. venues for BNB derivatives trading.

Authorized Participants will deliver, or facilitate the delivery of, BNB or cash to the Trust’s account with the BNB Custodian in exchange for Shares of the Trust, and the Trust, through the BNB Custodian, will deliver BNB or

cash when such Authorized Participants redeem Shares of the Trust. Based on the BITA Exchange Ranking Report, MarketVector selects the top five exchanges by rank for inclusion in the MarketVectorTM BNB Benchmark Rate, which the Trust will then use to price its NAV at the end of every business day. See “The Trust and BNB Prices— Description of the MarketVectorTM BNB Benchmark Rate Construction and Maintenance” for more information.

Regulation of BNB and Government Oversight

As digital assets have grown in both popularity and market size, the U.S. Congress and a number of U.S. federal and state agencies (including FinCEN, SEC, CFTC, FINRA, the Consumer Financial Protection Bureau (“CFPB”), the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation, the IRS, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Federal Reserve and state financial institution and securities regulators) have been examining the operations of digital asset networks, digital asset users and the digital asset exchange markets, with particular focus on the extent to which digital assets can be used to launder the proceeds of illegal activities or fund criminal or terrorist enterprises and the safety and soundness of exchanges or other service-providers that hold or custody digital assets for users.

For example, in July 2025, U.S. Congress passed the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), which creates a federal framework for payment stablecoins, including reserve requirements, issuer licensing, and anti-money laundering compliance.

On the same day, the U.S. House of Representatives also passed the Digital Asset Market Clarity Act (CLARITY Act), which seeks to delineate regulatory jurisdiction between the SEC and CFTC over digital asset securities and commodities, respectively. These bills reflect growing bipartisan support for comprehensive digital asset regulation, although final Senate action remains pending.

In May 2025 the SEC issued a “Statement on Protocol Staking Activities,” which clarified that certain staking activities, including certain liquid staking activities, do not involve the offer and sale of securities within the meaning of the Securities Act and the Exchange Act.

Many of these state and federal agencies have issued consumer advisories regarding the risks posed by digital assets to investors. In addition, federal and state agencies, and other countries have issued rules or guidance about the treatment of digital asset transactions or requirements for businesses engaged in digital asset activity. President Biden’s March 9, 2022 Executive Order, asserting that technological advances and the rapid growth of the digital asset markets “necessitate an evaluation and alignment of the United States Government approach to digital assets,” signals an ongoing focus on digital asset policy and regulation in the United States. A number of reports issued pursuant to the Executive Order have focused on various risks related to the digital asset ecosystem, and have recommended additional legislation and regulatory oversight. In addition, federal and state agencies, and other countries and international bodies have issued rules or guidance about the treatment of digital asset transactions or requirements for businesses engaged in digital asset activity. Moreover, the failure of FTX Trading Ltd. (“FTX”) in November 2022 and the resulting market turmoil substantially increased regulatory scrutiny in the United States and globally and led to SEC and criminal investigations, enforcement actions and other regulatory activity across the digital asset ecosystem.

On January 23, 2025, President Trump issued an executive order titled “Strengthening American Leadership in Digital Financial Technology” aimed at supporting “the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy.” The executive order established an interagency working group tasked with “proposing a Federal regulatory framework governing the issuance and operation of digital assets” in the United States. Pursuant to this executive order, the working group released a report in July 2025 outlining the administration’s recommendations to Congress and various agencies reflecting the administration’s “pro-innovation mindset toward digital assets and blockchain technologies.” In particular, the report recommends that Congress enact legislation regarding self custody of digital assets, clarifying the applicability of BSA obligations with respect to digital asset service providers, granting the CFTC authority to regulate spot markets in non-security digital assets, prohibiting the adoption of a CBDC, and clarifying tax laws as relevant to digital assets. In addition, the report recommends that agencies reevaluate existing guidance on digital asset activities, use existing authorities to enable the trading of digital assets at the federal level, embrace DeFi, launch or relaunch

crypto innovation efforts, and promote U.S. private sector leadership in the responsible development of cross-border payments and financial markets technologies, among others.