Binance US Stock Debut Observation: Crypto Natives Prefer Nano Stocks, $600 Million Trading Volume Faces "Infinite Dilution"

On June 2, market data shows that on Binance U.S.’s first day of U.S. stock trading, a total of 11 U.S. stocks posted trading volumes topping $100 million, including: Wokey Medical (WOK): $394 million Virgin Galactic (SPCE): $287 million NVIDIA (NVDA): $215 million Zhongchao Medical (ZCMD): $212 million Nokia (NOK): $174 million Intel (INTC): $136 million Sphere 3D (ANY): $128 million Optimum (OPTU): $125 million AMC Entertainment (AMC): $117 million Hewlett Packard Enterprise (HPE): $116 million Abits (ABTS): $104 million Many of these stocks are small-cap, micro-cap, or even nano-cap equities. Sphere 3D carries a market capitalization of just $17.06 million and saw a 28.11% post-market surge, while Abits has a market cap of only $6.3484 million, rallying 40% in after-hours trading. Both nano-caps were in a prolonged downtrend ahead of Binance U.S.’s U.S. stock trading launch, with notable price movements occurring exclusively in after-hours sessions. Notably, Wokey Medical (WOK) and Zhongchao Medical (ZCMD)—with market capitalizations of just $197,200 and $295,400 respectively—saw unusual, extreme trading activity that caught broad market attention. For example, crypto traders targeted these nano-caps using a meme-stock strategy, attempting to artificially inflate share prices after building up large positions, which led to a temporary 70% price surge that quickly reversed. Wokey Medical is a Hangzhou, China-based medical consumables manufacturer founded in 2022 that went public in August 2024. The company has been operating at a consistent loss and carries a weak fundamental profile. To avoid delisting due to persistently low share prices, Wokey completed two 1-for-100 reverse stock splits in the fourth quarter of 2025—a standard "shell protection" tactic used by many U.S.-listed Chinese small-cap concept stocks. Even though traders poured nearly $400 million into Wokey stock, its price stayed nearly flat due to WOK’s extremely large authorized share capital, combined with an SEC shelf registration and an At-the-Market (ATM) offering plan. This framework lets the company issue new shares to the market at any time without undergoing full, separate approval processes each time. ZCMD is also a "shell-preserving" American Depositary Receipt (ADR). Its onshore parent is Shanghai Zhongchao Medical Technology Co., Ltd., which has an even greater ability to issue new shares: backed by shareholder-approved massive authorized share capital increases, an existing F-3 shelf registration, and repeated reverse stock splits to preserve its listing shell. Unlike WOK’s "ATM continuous share issuance" strategy, ZCMD uses a dilution model of periodic large registered offerings plus flexible splits, giving it significantly more operational flexibility.