Key Takeaways
- • VanEck Digital Assets amended its Second Custody Agreement with BitGo Bank & Trust on September 25, 2026, designating Figment as the validator for BNB staking activities within the VanEck BNB ETF (VBNB).
- • The amendment establishes a 4% validator fee on staking assets, creating a clear cost structure for institutional investors utilizing the ETF's staking functionality.
- • BitGo continues as the Trust's second BNB custodian, with all other provisions of the custody agreement remaining unchanged, indicating a focused amendment addressing only validator designation and fee structure.
- • The amendment represents infrastructure buildout for the VBNB product, which launched without staking capabilities but now has contractual framework in place to offer staking rewards to ETF holders.
Summary
VanEck Digital Assets, LLC executed an amendment to its custody agreement with BitGo Bank & Trust, National Association on September 25, 2026, establishing Figment as the designated validator for BNB staking activities within the VanEck BNB ETF. The amendment restates Schedule A of the Second Custody Agreement to formally identify Figment in this validator role while maintaining BitGo's position as the Trust's secondary BNB custodian.
The amendment implements a transparent fee structure, setting validator compensation at 4% of staking assets held within the Trust. This fee arrangement applies specifically to the validator services provided by Figment with respect to BNB staking activities, while all other provisions of the existing custody agreement remain effective and unchanged. The establishment of a defined validator fee provides institutional investors with clarity on the cost structure associated with staking rewards generation.
The filing indicates VanEck's methodical approach to rolling out staking functionality within the VBNB product. While the ETF launched without active staking, the amended custody agreement with BitGo and the formalized validator designation with Figment provide the contractual infrastructure necessary to enable staking features for fund holders. This incremental product enhancement positions the ETF to generate staking rewards for shareholders while maintaining institutional-grade custodial oversight through BitGo's regulated banking framework.
The amendment implements a transparent fee structure, setting validator compensation at 4% of staking assets held within the Trust. This fee arrangement applies specifically to the validator services provided by Figment with respect to BNB staking activities, while all other provisions of the existing custody agreement remain effective and unchanged. The establishment of a defined validator fee provides institutional investors with clarity on the cost structure associated with staking rewards generation.
The filing indicates VanEck's methodical approach to rolling out staking functionality within the VBNB product. While the ETF launched without active staking, the amended custody agreement with BitGo and the formalized validator designation with Figment provide the contractual infrastructure necessary to enable staking features for fund holders. This incremental product enhancement positions the ETF to generate staking rewards for shareholders while maintaining institutional-grade custodial oversight through BitGo's regulated banking framework.
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