SEC Filing Document

Company: Grayscale BNB ETF
Ticker: GBNB
CIK: 2106762
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-05-15
Accession Number: 0001193125-26-227224
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2106762/000119312526227224/bnb_s-1_amendment_2.htm

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$25.00. The Seed Shares are currently anticipated to be redeemed for cash in connection with, and immediately prior to, listing of the Shares on NASDAQ. The $100 in proceeds the Trust received in consideration for the sale of the Seed Shares served as the basis for the audit described in the section entitled “Index to Financial Statements—Report of Independent Registered Public Accounting Firm.” The Seed Capital Investor is expected to purchase [ ] Shares at a per-Share price of $25.00 (the “Seed Basket[s]”), for total proceeds to the Trust of $[ ]. The proceeds of the Seed Basket[s] are expected to be used by the Trust to purchase BNB at or prior to the listing of the Shares on NASDAQ. The Seed Capital Investor will act as a statutory underwriter in connection with the purchase of the Seed Baskets. See “Seed Capital Investor” and “Plan of Distribution” for additional information.

The price of the Seed Baskets was determined as described above and such Shares could be sold at different prices if sold by the Seed Capital Investor at different times.

The Sponsor is in discussions with [ ] (the “Potential Investor”), for the Potential Investor to acquire a number of Shares (the “Contribution Shares”) through an Authorized Participant, or its AP Designee, in exchange for [ ] BNB tokens (the “Contribution Tokens”), following the effectiveness of the registration statement of which this prospectus forms a part, and pursuant to such registration statement (collectively, the “Potential Contribution Arrangement”). However, because these discussions are not binding agreements or commitments to purchase, the Potential Investor could determine to purchase more, fewer or no Shares. See “Plan of Distribution” and “Business—Overview of the Trust and the Shares—Potential Contribution Arrangement.”

The Shares are neither interests in nor obligations of the Sponsor, the Trustee, the Seed Capital Investor or the Potential Investor.

The U.S. dollar value of a Basket of Shares at 4:00 p.m., New York time, on the trade date of a creation or redemption order is equal to the “Basket Amount”, which is the amount of BNB required to create or redeem a Basket of Shares, multiplied by the “Index Price,” which is the U.S. dollar value of a BNB derived from the Digital Asset Trading Platforms (as defined herein) that are reflected in the CoinDesk BNB Benchmark Rate (the “Index”), calculated at 4:00 p.m., New York time, on each business day. The Index Price is calculated using non-GAAP methodology and is not used to calculate Principal Market NAV in the Trust’s financial statements.

The Trust is not a registered investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”) and is therefore not subject to regulation under the Investment Company Act. Furthermore, the Sponsor believes that the Trust is not a commodity pool for purposes of the Commodity Exchange Act of 1936, as amended (the “CEA”), as administered by the Commodity Futures Trading Commission (the

“CFTC”) and that neither the Sponsor nor the Trustee is subject to regulation by the CFTC as a commodity pool operator or a commodity trading advisor. See “Risk Factors—Risk Factors Related to the Trust and the Shares— Shareholders do not have the protections associated with ownership of shares in an investment company registered under the Investment Company Act or the protections afforded by the CEA.”

The date of this prospectus is , 2026.

table of contents

Page

Forward-Looking Statements	ii

Prospectus Summary	1

The Offering	8

Risk Factors	19

Use of Proceeds	69

Management’s Discussion and Analysis of Financial Condition and Results of Operations	70

Business	73

Key Personnel of the Sponsor	120

Certain Relationships and Related Party Transactions	122

Description of the Shares	124

Description of Creation and Redemption of Shares	126

Material U.S. Federal Income Tax Consequences	134

ERISA and Related Considerations	141

[Seed Capital Investor]	143

Plan of Distribution	144

Legal Matters	146

Experts	147

Where You Can Find More Information	148

Glossary of Defined Terms	149

Index to Financial Statements	F- 1

Neither the Trust nor the Sponsor has authorized anyone to provide you with any information other than that contained in this prospectus or any free writing prospectus prepared by or on behalf of the Trust. Neither the Trust nor the Sponsor takes any responsibility for, and can provide no assurance as to the reliability of, any information that others may give you. Neither the Trust nor the Sponsor is making an offer to sell any security or soliciting any offer to buy any security in any jurisdiction where the offer or sale is not permitted. You should not assume that the information appearing in this prospectus or any free writing prospectus is accurate as of any date other than the respective dates on the front of such documents. The Trust’s business, assets, financial condition, results of operations and prospects may have changed since those dates.

This prospectus does not constitute an offer to sell, or an invitation on behalf of the Trust or the Sponsor, to subscribe to or purchase any securities, and may not be used for or in connection with an offer or solicitation by anyone, in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation.

Authorized Participants may be required to deliver a prospectus when making transactions in the Shares. The information contained in the section captioned “Business—Overview of the BNB Industry and Market” is based on information obtained from sources that the Sponsor believes are reliable. This prospectus summarizes certain documents and other information in a manner the Sponsor believes to be accurate. In making an investment decision, you must rely on your own examination of the Trust, the BNB industry, the operation of the BNB market and the terms of the offering and the Shares, including the merits and risks involved. Although the Sponsor believes this information to be reliable, the accuracy and completeness of this information is not guaranteed and has not been independently verified.

See “Glossary of Defined Terms” for the definition of certain capitalized terms used in this prospectus.

Forward-Looking Statements

This prospectus contains “forward-looking statements” with respect to the Trust’s financial conditions, results of operations, plans, objectives, future performance and business of Grayscale BNB ETF (the “Trust”). Statements preceded by, followed by or that include words such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” the negative of these terms and other similar expressions are intended to identify some of the forward-looking statements. Investors are therefore cautioned against relying on forward-looking statements. All statements (other than statements of historical fact) included in this prospectus that address activities, events or developments that will or may occur in the future, including such matters as changes in market prices and conditions, the Trust’s operations, Grayscale Investments Sponsors, LLC (the “Sponsor”) plans and references to the Trust’s future success and other similar matters are forward-looking statements. These statements are only predictions. Actual events or results may differ materially from such statements. These statements are based upon certain assumptions and analyses the Sponsor made based on its perception of historical trends, current conditions and expected future developments, as well as other factors appropriate in the circumstances. You should specifically consider the numerous risks described in “Risk Factors” in this prospectus. Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including:

recent developments in the digital asset economy which have led to extreme volatility and disruption in digital asset markets, a loss of confidence in participants of the digital asset ecosystem, significant negative publicity surrounding digital assets broadly and market-wide declines in liquidity;

the extreme volatility of trading prices that many digital assets, including BNB, have experienced in recent periods and may continue to experience, which could cause the value of the Shares to be volatile and/or have a material adverse effect on the value of the Shares;

the recency of the development of digital assets and the uncertain medium-to-long term value of the Shares due to a number of factors relating to the capabilities and development of blockchain technologies and to the fundamental investment characteristics of digital assets;

the value of the Shares depending on the acceptance of digital assets, such as BNB, which represent a new and rapidly evolving industry;

the value of the Shares relating directly to the value of BNB then held by the Trust, the value of which may be highly volatile and subject to fluctuations due to a number of factors;

the risk that Staking may prove unattractive to validators, which could adversely affect the BNB Smart Chain.

a temporary or permanent “fork” or a “clone”, which could adversely affect the value of the Shares;

the largely unregulated nature and lack of transparency surrounding the operations of Digital Asset Trading Platforms, which may adversely affect the value of digital assets and, consequently, the value of the Shares;