VanEck has updated its spot BNB exchange-traded fund (ETF), ticker VBNB, to include staking as part of its investment objective and has appointed blockchain infrastructure firm Figment as the validator for staking activities. The changes were formalized through a custody-agreement amendment filed with the U.S. Securities and Exchange Commission (SEC) on September 25, 2026.
What Changed Inside the VBNB ETF
On September 25, 2026, VanEck Digital Assets, on behalf of the VanEck BNB ETF, and custodian BitGo Bank & Trust amended their existing Custodial Services Agreement. The amendment restated Schedule A to formally identify Figment as the validator for the Trust’s BNB staking activities. For related coverage, see Traders Fair Uzbekistan 2026: A New Chapter for Central Asia’s Trading Community Begins in Tashkent.
A validator is a participant that helps confirm and secure transactions on a blockchain network. BNB Chain uses a consensus mechanism called Proof-of-Staked Authority (PoSA), where validators are selected based on the amount of BNB staked behind them. Figment, a firm that provides institutional staking infrastructure across more than 40 blockchain protocols, will fill that role for VBNB. For related coverage, see Five Incidents Made Up Nearly 59% of CertiK Crypto Losses in 2026.
The amendment specifies a 4% validator fee on staking rewards generated, not on the principal BNB held. All other terms of the custody agreement remain unchanged. For related coverage, see Fiserv Roughrider Coin Solana Rollout Draws 90 ND Lenders.
How Staking Fits Into VBNB’s Investment Objective
VBNB’s October 1, 2026 prospectus describes the fund’s investment objective as reflecting BNB’s price performance and earning rewards from staking part of the Trust’s BNB holdings. Staking, in plain terms, means putting cryptocurrency to work on a network in exchange for a share of the rewards that network generates, similar in concept to earning interest on a savings deposit.
The prospectus makes the staking component conditional. VanEck, as Sponsor, will only stake BNB when it determines doing so does not create undue legal or regulatory risk, including risk to the Trust’s tax status as a grantor trust. Staking is not guaranteed income; it is an objective the fund pursues when conditions allow.
BNB made available for staking through BitGo is initially expected to be delegated to the Figment-operated validator. This is the operational chain: VanEck directs, BitGo holds and routes, Figment validates on the BNB Chain network. VanEck retains the right to limit or stop staking for legal, regulatory, tax, liquidity, network, or market reasons.
This filing is part of a broader push by asset managers to file spot BNB ETF products with U.S. regulators. VanEck and Grayscale have both updated their SEC filings for BNB ETFs in recent months as the regulatory environment for digital asset products has shifted.
What This Means for BNB at Current Prices
BNB was trading at $781.99 at the time of this report, up 1.73% over the preceding 24 hours, with a market capitalization of approximately $104 billion. The broader crypto market Fear & Greed Index stood at 72, indicating a “Greed” reading.
The SEC filing itself makes no forecast about BNB’s price or ETF flows. The amendment is an operational update, not a market signal. Whether VBNB attracts investor demand will depend on factors beyond the custody structure, including SEC approval status and broader market conditions. The SEC filings show a registered and listed spot-BNB trust with conditional staking, not an unconditional yield product.
For anyone curious about how crypto regulation and institutional products are intersecting more broadly, it is worth noting that regulatory decisions around crypto are having real-world financial consequences across multiple jurisdictions, not just in U.S. ETF markets.
The practical takeaway for a newcomer: VBNB is a fund that holds BNB and may earn staking rewards on top of tracking BNB’s price. Figment will run the validator node that generates those rewards. The 4% fee comes out of staking rewards, not out of the BNB you would hold through the fund. Whether the fund actually stakes at any given time depends on VanEck’s ongoing assessment of legal and regulatory risk.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
