Jiang Zhuoer: BNCB is equivalent to gaining BNB exposure at a discount, which may drive BNC to form a "crypto-stock flywheel"
1 hours ago
Jiang Zhuoer, founder of BTC.TOP, posted that holdings of BNCB have risen again, reaching $17.28 million. In the comparative data he cited, this holding size exceeds related positions of Coinbase and MicroStrategy (MSTR), and is close to Tesla’s related holdings. He noted BNCB provides BNB exposure at approximately a 58% discount. BNC is the BNB Treasury controlled by Binance, while BNCB is Binance’s bStock token corresponding to BNC. He believes Binance launched BNCB to channel crypto market funds to the U.S.-listed BNC, forming a “crypto-stock flywheel” similar to MicroStrategy’s model. He pointed out that BNB’s current total market cap is around $94 billion, while BNC’s market cap stands at only about $220 million; if 1% of BNB’s buyer funds shift to BNC, it could erase the current discount. So far, crypto market funds have bought $17.28 million worth of BNCB and $5.29 million worth of BNC4, totaling $22.57 million, roughly 10% of BNC’s total market cap. BNC’s advantage over small-cap tokens is that its downside potential may be limited by asset discounts, which was his main rationale for earlier BNC purchases. He also stated he bought BNC at around $4.5 per unit.
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