Author: Yuliya, PANews

In 2025, the crypto world is undergoing a profound structural transformation. BNB, an asset once commonly defined as an "exchange platform coin," is breaking through traditional perceptions at an astonishing speed. It is no longer just a trading tool for retail investors but has leaped to become an important option in the financial reports of Nasdaq-listed companies and the strategic reserve lists of sovereign nations.

On July 28, BNB broke through $860, setting a new historical high, with a market value growing to $119.3 billion, and its global asset ranking jumping 13 places to 184, surpassing Strategy (190th) and SoftBank International (193rd). This infiltration from corporate treasuries to national strategies marks that BNB is no longer confined to the internal circulation of the crypto world but is emerging as a mainstream investment target, alongside BTC and ETH, becoming a new favorite in traditional capital allocation.

BNB Enters Wall Street

For a long time, Wall Street's exploration of the crypto world has mostly focused on Bitcoin's digital gold properties and Ethereum's smart contract platform value. However, in the summer of 2025, the strategic shift of two Nasdaq-listed companies completely rewrote the rules of the game.

On July 16, Windtree Therapeutics, a US-listed company focused on treating cardiovascular diseases, passed a groundbreaking resolution: to allocate $200 million in securities financing specifically for building a BNB treasury. Its CEO admitted that the core logic behind choosing BNB is to "build an alternative reserve pool to hedge against dollar credit risk," directly pointing to the structural crisis of the current global monetary system. By collaborating with Build and Build Corp, Windtree not only gained exposure to BNB prices but also cleverly avoided the accounting challenges of directly holding the coin, paving a compliant path for traditional listed companies to participate in the crypto market.

Coincidentally, Nano Labs founder Kong Jianping also unveiled his grand crypto reserve blueprint on June 24: planning to hold $1 billion worth of BNB within three years, aiming to hold 5% to 10% of its total circulating supply long-term. As of July 22, the company had increased its BNB holdings to 120,000 coins.

This wave reached new heights on July 28. Biopharmaceutical company Liminatus Pharma announced plans to establish a wholly-owned subsidiary named "American BNB Strategy," aiming to raise and deploy up to $500 million in phases for strategic long-term investments in BNB. Liminatus's CEO Chris Kim stated that the choice of BNB among numerous digital assets is due to its strong technology, global user base, and the continuous expansion of the BNB Chain ecosystem.

On the same day, US agricultural technology company CEA Industries, supported by Binance founder Zhao Changpeng's family office YZi Labs, officially announced an oversubscribed post-listing private placement financing plan. This plan aims to establish CEA Industries as the world's largest publicly listed BNB treasury company through an initial financing of $500 million (including $400 million in cash and $100 million in cryptocurrency) and subsequent warrants worth up to $750 million. Following this news, CEA Industries' stock price surged by over 850% at its peak during trading.

The actions of these companies are not merely financial investments but view BNB as a new type of financial infrastructure layer. Behind their decisions is Wall Street's reassessment of BNB's potential value.

As early as May this year, fund giant VanEck, managing hundreds of billions in assets, submitted an application for a BNB-related ETF to the US SEC, indicating that mature financial institutions have already recognized the potential demand from clients for allocating mainstream crypto assets like BNB and are seeking to position themselves early.

Notably, Zhao Changpeng has stated on social media that over 30 teams are interested in establishing BNB Treasury companies and going public.

The story unfolding on Wall Street may just be the beginning of a larger trend.

Entering the National Strategic Reserve List

If the adoption by listed companies is the "doorstep" for BNB to enter mainstream visibility, then recognition at the sovereign level elevates its status to a new height.

On January 8, the Greyp Mindfulness City (GMC) economic zone of the Kingdom of Bhutan announced on its official website that BNB would be included alongside Bitcoin and Ethereum in its official strategic reserve asset list. The reasoning is direct and compelling: BNB has a high market value, ample liquidity, and the underlying BNB Chain is a mature and secure network that has been tested over time. This represents a vote of confidence from a sovereign entity across multiple dimensions of technology, market, and security.

At the same time, Binance founder CZ is actively promoting the application of BNB at the sovereign level. During his visit to Kyrgyzstan, he proposed to the government to prioritize the inclusion of BNB and Bitcoin in its planned national-level crypto asset reserves. This undoubtedly reveals an important trend: the potential of BNB as a "sovereign-friendly" asset is being seriously considered by an increasing number of countries seeking financial autonomy and asset diversification.

The Inherent Momentum of the BNB Chain Ecosystem

From Wall Street fund giant VanEck submitting a BNB-related ETF application to CZ's family office YZi Labs supporting the establishment of a BNB-focused listed company, to the official endorsement from sovereign economic zones, all clues point to the same conclusion: BNB is "evolving."

This leap from retail to sovereign is rooted in the robust growth of the BNB Chain ecosystem itself. If the recognition from external institutions is the "face" of BNB's value narrative, then the strong growth of the BNB Chain ecosystem is its most solid "substance." The favor of external capital is not a castle in the air but is built on the astonishing inherent growth exhibited by the BNB Chain over the past year, especially in the first half of 2025. The core driving force behind this growth stems from a clever top-level design: Binance Alpha.

In the past six months, Binance Alpha has become the largest traffic pool in the entire crypto world. It is far more than a simple "new listing" platform; it is a "traffic converter" meticulously designed by Binance to connect centralized exchanges with the decentralized world. By staking BNB, completing on-chain tasks, and other means, Alpha has successfully transformed millions of exchange users from passive "coin holders" into active "on-chain natives." Users are no longer just hoarding BNB to offset transaction fees but are being guided to learn to use Binance Wallet, provide liquidity on PancakeSwap, lend on Lista, and even participate in the creation and trading of Meme coins on Four.meme. Data shows that from its launch until July 10, 2025, Binance Alpha has launched over 236 projects, more than half (124) of which come from the BNB Chain ecosystem, covering all popular sectors such as AI, Meme, RWA, and GameFi.

Driven by the traffic from Binance Alpha, PancakeSwap has completed an epic leap, becoming the core growth engine of the BNB Chain. Data shows that PancakeSwap holds a market share of 59.6% in the entire DEX market, accounting for nearly one-third of the total DEX market. The success of PancakeSwap is not accidental. It captured the initial wave of traffic from Alpha projects in February and March, achieving its first explosion; then in June, it launched cross-chain exchange features and officially integrated Solana in July, completely breaking the single-chain constraints.

If Pancake is the trading engine, then Lista DAO is the second growth highland for the BNB Chain in the DeFi field. Since its token launch in June 2024, Lista's TVL has now surpassed $2.652 billion, making it the second-largest lending market on the BNB Chain. Its cumulative lending volume exceeds $1.28 billion, with stable protocol revenue.

In this period dominated by Meme coins, Four.meme has become an important engine for igniting on-chain vitality in the BNB Chain. It has attracted about 1.1 million unique users, with a cumulative trading volume of approximately 1.605 million BNB. Its success stems not only from extremely low issuance thresholds but also from its deep binding with CZ's "gesture 4" culture. From the "CZ pet dog namesake coin" to the Middle Eastern blessing coin, every social hotspot can quickly transform into on-chain festivities on the platform.

In addition, BNB's value capture mechanism is continuously evolving. The traditional quarterly burn is still ongoing, with the most recent burn exceeding $1 billion in BNB, further deflating its total supply. On top of this, the application scenarios for BNB are rapidly expanding. By partnering with Ondo Finance, RWA such as US stocks and ETFs are being introduced to the BNB Chain. At the same time, it is being packaged into innovative financial instruments, such as the BNB dividend fund launched by Kaiki Bank and Hash Global, marking its significant entry into the mainstream asset management system.

Revaluation of BNB Under New Anchors

In the past, to cope with the SEC's Howey test, Binance had downplayed BNB's "investment" attributes, such as slowing down the Launchpool rhythm. This "de-securitization" approach, while a necessary step for compliance, has somewhat suppressed BNB's valuation.

However, the recent rise of the stock-crypto wave, especially the success of the "MicroStrategy model," has provided a new path for BNB.

Looking back at BNB's eight-year journey, from an initial trading tool priced at $0.06 to now surpassing $860 and becoming a global strategic asset with a market value exceeding $100 billion, we have witnessed a magnificent evolution. With the shift in BNB's value logic, what once seemed like bold price predictions are now being re-evaluated by the market.

• Kong Jianping, founder of Nano Labs, believes that given BNB's market value is only one-third of ETH's, breaking $1,000 in the short term is not difficult, and he is optimistic about its challenge to the $2,000 mark in this bull market.
• Turkish economists have also pointed out that BNB is expected to reach $900 in the short term and challenge the $1,162 range after a correction.
• A report released by Hash Global on April 6 stated that based on a monetary equation valuation model, it has raised BNB's reasonable valuation to above $2,000, with a market value expected to exceed $300 billion, potentially surpassing Ethereum.
• Additionally, Standard Chartered also predicted in May this year that BNB could reach $2,775 by the end of 2028.

Behind these predictions is the market's recognition of BNB's unique position. Beyond "digital gold" BTC and "world computer" ETH, people are looking for a third strategic reserve asset that combines an application ecosystem, stable value, and a large user base. BNB, with its unique "exchange + public chain" dual-driven model, is becoming a strong competitor for this role.

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