What is the VanEck BNB ETF (VBNB)?

VanEck BNB ETF (VBNB) is a U.S.-registered exchange-traded product that holds physical BNB cryptocurrency in cold storage and provides U.S. investors with regulated, brokerage-accessible spot exposure to BNB — the native token of the BNB Chain ecosystem and the third-largest non-stablecoin cryptocurrency by market capitalization. Launched on May 28, 2026, VBNB is the first U.S.-listed spot BNB ETF. The Trust's investment objective is to reflect the performance of the price of BNB tokens and, potentially in the future at the Sponsor's discretion, rewards from staking a portion of the Trust's BNB, less the expenses of the Trust's operations. Shares trade on The Nasdaq Stock Market LLC under the ticker VBNB and are sponsored by VanEck Digital Assets, LLC, a wholly-owned subsidiary of Van Eck Associates Corporation.

Is VBNB available to U.S. investors?

Yes. VanEck BNB ETF (VBNB) is registered in the United States under the Securities Act of 1933 (SEC File No. 333-286959) and listed on The Nasdaq Stock Market LLC. It is intended for U.S. investors and is marketed by Van Eck Securities Corporation, a wholly-owned subsidiary of Van Eck Associates Corporation, based at 666 Third Avenue, New York, NY 10017. The Trust is sponsored by VanEck Digital Assets, LLC. Unlike VanEck's equity ETFs such as SMH, GDX, or MOAT, VBNB is not registered under the Investment Company Act of 1940 and is not subject to regulation under that Act. It is structured as a grantor trust — the same legal structure used by commodity-based trust shares such as spot Bitcoin ETFs — and is listed under Nasdaq Rule 5711(d), which permits listing and trading of Commodity-Based Trust Shares under Nasdaq's generic listing standards.

What is BNB and what is BNB Chain?

BNB is the native token of BNB Chain, a high-throughput public blockchain ecosystem originally developed by Binance. BNB serves multiple functions within the ecosystem: it is used to pay transaction fees on BNB Chain, to participate in staking as part of BNB Chain's proof-of-staked-authority consensus mechanism, and for on-chain governance voting. BNB has a capped supply of 200 million tokens and is subject to periodic token burns — a mechanism that destroys a portion of BNB in circulation to reduce total supply over time. BNB Chain is one of the most active blockchains globally, processing more than 14 million daily transactions, holding over $16 billion in stablecoins, and supporting approximately $3.6 billion in tokenized real-world assets as of the Trust's prospectus date. BNB is the third-largest non-stablecoin cryptocurrency by market capitalization.

How does VBNB differ from buying BNB directly on a cryptocurrency exchange?

VBNB provides exposure to BNB through a regulated, U.S. exchange-listed product accessible via any standard brokerage account, without requiring the investor to create a cryptocurrency exchange account, manage private keys, or arrange their own custody. Investors who hold VBNB shares do not directly own BNB - they own shares of beneficial interest in a grantor trust that holds BNB. This distinction has important tax, custody, and governance implications. Direct BNB holders can stake their tokens and earn staking rewards immediately; VBNB shareholders cannot, unless the Sponsor activates staking in the future. VBNB shares may be held in tax-advantaged accounts such as IRAs and 401(k)s where direct cryptocurrency ownership may not be available. However, holding VBNB rather than BNB directly means investors bear the Trust's 0.39% sponsor fee and cannot participate in BNB Chain governance or access DeFi protocols directly through their VBNB holdings.

VBNB

VanEck BNB ETF

Prospectus

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Related Insights

Why VBNB

BNB Chain ExposureExposure to BNB, the native asset of one of the world’s largest blockchain ecosystems by users and on-chain activity

Leading Blockchain ActivityBNB Chain consistently ranks among the most-used public blockchains globally by daily transactions and active users, supporting DeFi, payments, gaming, and stablecoin activity at scale

Qualified CustodyShares are physically backed by BNB held in cold storage with a qualified custodian. Cold storage refers to offline storage designed to protect against unauthorized access and cyber threats

The Trust's investment objective is to reflect the performance of the price of BNB, and rewards from staking a portion of the Trust's BNB, to the extent the Sponsor in its sole discretion determines that the Trust may do so without undue legal or regulatory risk, such as, without limitation, by jeopardizing the Trust's ability to qualify as a grantor trust for U.S. federal income tax purposes, less the expenses of the Trust's operations.

An investment in the VanEck BNB ETF (“VBNB,” or the “Trust”) is subject to significant risk and may not be suitable for all investors. The value of BNB is highly volatile, and you can lose your entire principal investment. VBNB is not an investment company registered under the Investment Company Act of 1940 (the “1940 Act”) and therefore is not subject to the same protections as mutual funds or ETFs registered under the 1940 Act.

"Staking" refers to delegating a portion of the Fund's BNB to third-party validators on BNB Chain for potential protocol rewards. Staking Yield represents yield earned by the Fund from staking BNB and is not a performance measure or yield earned by investors. Staking yields are not guaranteed, may change frequently, and may be zero or negative.

Staking Yields as of 10/16/2026

Percentage Staked

96.19

Staking Yield on Staked BNB

0.56%

Gross staking yield

0.54%

Net Staking Yield

0.52%

"Staking" refers to delegating a portion of the Fund's BNB to third-party validators on BNB Chain for potential protocol rewards. Protocol rewards refer to additional BNB earned by the Fund as a result of the staking process. Gross yield is shown before taxes and fees while net yield reflects them; both are based on net assets per share. Staking yield is not a separate shareholder payment. Any rewards or losses affect the Fund's NAV and performance. Staking entails liquidity, operational, validator, counterparty, and slashing risks, among others. See disclosures below and the prospectus for more information.

ETF Statistics as of 10/16/2026

Total Net Assets	95,357,681
BNB per 1,000 Shares	38.827
BNB per Basket	388.270

Shares Outstanding	3,410,000
BNB in Trust	132,400.043
Indicative BNB per Basket	388.263

Performance

Average Annual Total Returns* (%)

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	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE^†
VBNB (NAV)	10.62	40.20	19.03	--	--	--	--	19.03
VBNB (Market Price)	10.64	39.93	18.76	--	--	--	--	18.76
MarketVector™ BNB Benchmark Rate (Index)	10.66	40.33	-11.02	--	--	--	--	-17.07

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE^†
VBNB (NAV)	10.62	40.20	19.03	--	--	--	--	19.03
VBNB (Market Price)	10.64	39.93	18.76	--	--	--	--	18.76
MarketVector™ BNB Benchmark Rate (Index)	10.66	40.33	-11.02	--	--	--	--	-17.07

*Returns less than one year are not annualized.

^†Share price is calculated from May 28, 2026, which corresponds to the date the Shares commenced public trading. Net asset value returns are calculated from May 7, 2026, which is the inception date of the Trust.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Please call 800.826.2333 or visit vaneck.com for performance current to the most recent month ended.

Holdings

All Holdings (%) as of 10/15/2026

Total Holdings: 1

Holding Name	% of Net Assets	Quantity	Market Value (US$)
Bnb	100.01	132,807	97,330,936
Other Cash And Liabilities	-0.01	0	-13,840

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Not a recommendation to buy or to sell any security or digital asset. Holdings are subject to change. Current and future holdings are subject to risk. The quantity of BNB shown above reflects the total assets held in custody. This amount does not reflect the accrual of management fees or other expenses. For an accounting-based view of fund assets net of accruals, please refer to the ETF Statistics table.

Please see the "Calculations of NAV" of the Fund’s prospectus for additional information on the Fund’s valuation policies and procedures.

VBNB

VanEck BNB ETF

VBNB

VanEck BNB ETF

Documents

Overview

Why VBNB

Staking Yields as of 10/16/2026

ETF Statistics as of 10/16/2026

Performance

Average Annual Total Returns* (%)

Holdings

All Holdings (%) as of 10/15/2026

Fees

Resources

Regulatory Information

Fund Documents

Thought Leadership