VanEck BNB ETF

VanEck BNB ETF Trust

Company and structure

• Entity: VanEck BNB ETF Trust (the Trust), a Delaware statutory trust.
• Formation and governance: Formed March 31, 2025; governed by the Second Amended and Restated Declaration of Trust and Trust Agreement dated April 24, 2026.
• Primary purpose: To own BNB transferred to the Trust in exchange for Shares. Each Share represents a fractional undivided interest in the Trust.
• Listing: Shares trade on The Nasdaq Stock Market under the ticker symbol VBNB.
• Management approach: The Trust is a passive investment vehicle. It will not actively manage or attempt to time BNB price movements and will not use leverage or derivatives.

Key parties

• Sponsor: VanEck Digital Assets, LLC (a subsidiary of Van Eck Associates Corporation, VanEck).
• Trustee: CSC Delaware Trust Company.
• Administrator and cash custodian: State Street Bank and Trust Company.
• Transfer agent: State Street Bank and Trust Company.
• Marketing agent: VanEck Securities Corporation.
• BNB custodians:
  • Anchorage Digital Bank N.A. (Anchorage) — holds BNB in cold storage; manages the First BNB Account and fiat cash accounts.
  • BitGo Bank & Trust, National Association (BitGo) — appointed August 5, 2026; holds BNB in cold storage; may hold fiat cash accounts for the Trust.
• Liquidity providers (for BNB creation/redemption): Nonco LLC and Wincent Investment Fund PCC Limited.

Seed capital and transactions

• Seed capital investor: Van Eck Associates Corporation.
• Seed shares issued: 4,000 Seed Shares at $25 per Share; total proceeds $100,000.
• Seed redemption and seed creations: On May 7, 2026, Seed Shares were redeemed for cash and Seed Creation Baskets were issued totaling 40,000 Shares at $25 per Share, equal to 1,555.1639998 BNB; proceeds from Seed Creation Baskets: $1,000,000.

Assets, value, and shares outstanding (as of June 30, 2026)

• Net asset value (NAV): $2,140,751.
• Outstanding shares: 100,000.
• Investment objective: To reflect the performance of the price of BNB and rewards from staking a portion of the Trust’s BNB (if staking is implemented by the Sponsor in its sole discretion and permitted by law).

Investment strategy and staking

• Current staking: The Trust does not stake any BNB as of the report date.
• Staking conditions: If the Sponsor decides to implement staking and determines it will not jeopardize grantor-trust tax status, the Trust may stake all or a portion of its BNB.
• Staking arrangements: If implemented, the Trust would enter into Staking Arrangements with BNB Custodians and one or more Staking Services Providers. Staking rewards, net of fees, would be credited to the Trust; Sponsor and/or Custodians may receive a portion of rewards as fees.
• Governance and liquidity: The Trust may maintain some unstaked BNB to meet redemptions and sponsor fees. A Staking Policy describing distribution of staking rewards would be made available on the Trust’s website if staking is implemented.

Custody and safekeeping

• First BNB custodian: Anchorage Digital Bank N.A. — cold storage custody; separate BNB addresses for the Trust; private keys safeguarded by the custodian; fiat accounts exist for Trust cash.
• Second BNB custodian: BitGo Bank & Trust, National Association — appointed after fiscal year end; holds BNB in cold storage; may hold fiat cash accounts; SOC attestations provided annually.
• Custodial arrangements: Custodians hold the Trust’s BNB and related private keys and are not allowed to withdraw BNB without Trust instructions. Cash accounts are segregated for the Trust.

Creation and redemption of Shares

• Basket size: Creations and redemptions occur in Baskets of 10,000 Shares.
• In-kind vs. cash: Creations and redemptions can be in cash or in-kind (BNB).
• Authorized Participants (APs): Must be registered broker-dealers or equivalent and DTC participants.
• Creation process: An AP deposits cash or BNB; the Trust selects a Liquidity Provider based on quotes; BNB or cash is transferred; Shares are issued to the AP through DTC after Custodians confirm asset receipt.
• Redemption process: An AP delivers Shares in a Basket; the Trust delivers BNB or cash to the AP based on redemption mechanics. Cash redemptions involve selling BNB to a Liquidity Provider and distributing cash to the AP.
• Fees and transaction costs: Transaction fees for creation/redemption are payable to the Transfer Agent. Impact of fees and slippage is borne by the AP. In-kind creations/redemptions reduce transaction costs.

Fees and expenses

• Sponsor fee: 0.39% of average daily net assets, accrued daily and paid monthly in BNB (tenth business day of the following month).
• Expense allocation: The Sponsor pays all ordinary operating expenses; extraordinary expenses are paid by the Sponsor and reimbursed by the Trust in BNB or USD as applicable. The Sponsor may waive or rebate portions of its fee in its sole discretion (subject to announced terms).
• Reimbursable items: Extraordinary expenses, including litigation, regulatory matters, and indemnification costs, may be reimbursed from Trust assets by the Sponsor.

Risks and disclosures

• The Trust is subject to crypto-market risk, regulatory risk, custody risk, liquidity risk, and operational risk.
• Price tracking depends on the MarketVector BNB Benchmark Rate; the Sponsor may change the valuation methodology or index provider.
• The Trust’s assets are concentrated in BNB; there are no direct staking earnings unless staking is implemented. Potential forks, airdrops, governance changes, or security incidents could affect value.
• Custody: The Trust’s cash and BNB custody involve third-party custodians and possible banking relationships. BNB holdings are not insured by FDIC/SIPC, and custodians’ liability is limited.

Financial highlights and quantitative details

• NAV (6/30/2026): $2,140,751.
• Outstanding shares (6/30/2026): 100,000.
• Seed transactions:
  • Seed Shares issued: 4,000 at $25.00; proceeds $100,000.
  • Seed Creation Baskets: 40,000 Shares at $25.00; proceeds $1,000,000; equivalent BNB: 1,555.1639998 BNB.
• Asset focus: Solely BNB holdings.
• Management approach: Passive; no leverage; no derivatives; no active trading beyond tracking BNB price and potential staking rewards.

If you’d like, I can format this as a one-page executive summary or tailor it to emphasize custody structure, governance, or creation/redemption mechanics for a presentation.