VanEck BNB ETF Reports NAV of $2.14M with 14.35% Decline in Share Price

The VanEck BNB ETF reported a net asset value (NAV) of $2,140,751 as of June 30, 2026, with 100,000 shares outstanding. The Trust's investment objective is to track the price performance of BNB and any staking rewards, less operational expenses. During the period from April 22, 2026, to June 30, 2026, the Trust experienced a net decrease in net assets of $309,637, primarily due to a net unrealized depreciation of $308,925 on its BNB holdings. The Trust's NAV per share decreased from $25.00 on May 7, 2026, to $21.41 on June 30, 2026, reflecting a 14.35% decline in the price of BNB during that period.

The Trust commenced operations and began trading on the Nasdaq Stock Market on May 28, 2026. Prior to this, on November 14, 2025, the Seed Capital Investor, parent of the Sponsor, purchased 4,000 Seed Shares for $100,000. On May 7, 2026, these Seed Shares were redeemed, and the Seed Capital Investor purchased Seed Creation Baskets totaling 40,000 Shares for $1,000,000, which resulted in the Trust receiving 1,555.1639998 BNB. The Sponsor, VanEck Digital Assets, LLC, manages the Trust and has agreed to pay ordinary operating expenses out of its Sponsor Fee, which is set at 0.39% of average daily net assets.

The Trust's primary asset is BNB, held by custodians Anchorage Digital Bank N.A. and, as of August 5, 2026, BitGo Bank & Trust, National Association. The Trust does not currently engage in staking activities, meaning it does not earn staking rewards, which could place it at a comparative disadvantage to direct BNB holders. The Trust's NAV is calculated daily based on the MarketVector™ BNB Benchmark Rate at 4:00 p.m. Eastern time. The Trust's financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), with BNB valued at fair value.

The Trust faces significant risks due to the inherent volatility of BNB and the broader digital asset market, as detailed in the extensive risk factors section of the filing. These risks include potential price declines, regulatory uncertainty, security threats to custodian accounts, and operational challenges. The Trust's performance is directly tied to the price of BNB, and it does not actively manage its holdings or employ hedging strategies. The Sponsor has limited experience managing investment vehicles like the Trust and has limited experience with BNB, which could pose challenges. The Trust's future outlook is subject to the performance of BNB, market conditions, and regulatory developments.