Original Article Title: "Binance's Capital Chess Game: From Exchange Giant to Global Financial Player"

Original Article Author: Brother Down Under, Crypto KOL

Under the Trump administration, crypto compliance has ushered in an unprecedented "Age of Discovery," with the darling stablecoins. As for the CEXs that were once at the core of the crypto industry, I believe they are also eagerly anticipating what's to come.

Last time, I wrote about how @star_okx painstakingly bet on an IPO listing. This time, let's talk about Binance. Although there is relatively less information about the capital market layout, analyzing Binance and CZ's actions does provide some clues. Some of these are my personal speculations, which may not be accurate. If I am wrong, I hope @cz_binance can forgive me.

Aside from the vigorous promotion in the traditional crypto sphere through Alpha, Binance has also quietly been advancing a more ambitious layout in the capital market:

upgrading BNB from an "exchange platform coin" to a global financial asset, and using this to build a cross-chain, cross-border, cross-market capital map.

This is not just a price game but also Binance's bet on the "New Global Financial Order."

This article will systematically analyze Binance's path in the capital market, from national strategic reserves and BNB micro-strategy diffusion to ETF exploration, gradually outlining its greater ambitions.

1. National-level Cooperation: BNB as an Exploratory Attempt at Sovereign Asset

Over the past few years, Binance's cooperation with some countries has gradually shown characteristics of "quasi-sovereign cooperation." Some of the known collaborations include @cz_binance's interactions with countries such as Bhutan, Kyrgyzstan, and Pakistan. These events all took place in 2025, indicating that this is part of CZ's new strategic direction.

One example is Bhutan's Gelephu Mindfulness City (a new Special Administrative Region) announcing plans to include Bitcoin, Ethereum (ETH), and BNB in its strategic reserves, aiming to enhance economic resilience and expand Bitcoin mining participation.

Essentially, this is Binance's attempt to embed BNB into the sovereign financial system, laying the foundation for its future cross-border identity and legitimacy. Currently, small countries adopting $BTC as digital gold into their national reserves has started to become popular, and if $BNB can break through the "national usage" threshold, its asset narrative will be completely transformed.

II. MicroStrategy Diffusion: The Leverage Engine of the BNB Financialization Narrative

These days, CZ stated that several companies are preparing to build "microstrategies" around BNB and are planning to go public on the US stock market, including:

• A $100 million BNB fund led by a former Coral Capital Holdings executive (now called Build & Build Corporation)

• Yesterday's market frenzy, where $NA Nabite openly declared that it will acquire 5%-10% of BNB's circulating supply in the future.

These companies are mimicking the MicroStrategy model in the US stock market, acquiring valuation premiums and financing capabilities through "shell listings + crypto assets."

Of course, these plans are not entirely trustworthy—some companies seem more like they are using microstrategies and the BNB narrative for market harvesting and buzz marketing.

However, it is undeniable that BNB has begun to possess financial properties that can be packaged, issued, and speculated on by mainstream capital markets. This means that BNB is transitioning from a "on-chain functional asset" to a "off-chain investment tool."

III. $BNB ETF in Progress: The Dual Probe of Compliance Transformation

On April 2, 2025, asset management company VanEck registered the VanEck BNB ETF in Delaware, becoming the first US ETF application for BNB.

On May 2, 2025, VanEck officially submitted the S-1 registration documents to the US Securities and Exchange Commission (SEC), clearly proposing the issuance of the VanEck BNB ETF, aiming to track the spot price of BNB, becoming the first US ETF directly holding BNB.

The timing of the application is related to the meeting between VanEck CEO Jan van Eck and @cz_binance at the Dubai Token2049 conference in April 2025, where CZ stated that the success of a Bitcoin ETF would "spill over" to other crypto assets, possibly acting as a catalyst for VanEck's accelerated application.

Once this action is successful, it not only means that the compliance channel has been opened, but also means that passive funds (such as pensions, asset management funds) can legally allocate BNB, potentially driving up demand and price.

However, since early 2025, the SEC has received more than 70 applications for alternative coin ETFs (including Solana, Dogecoin, etc.), so the final decision may take several months or even years.

Four, Doubts About Binance.us Listing

Will Binance be listed or not? After OKX was revealed to be planning a U.S. stock listing this year, this is the most concerning topic for many people.

After collecting information currently available online, you can feel that CZ's train of thought has changed.

In July 2020, CZ clearly stated that Binance had no plans to go public but rather wanted to become more decentralized.

However, by 2021, CZ stated that Binance.us was moving toward an IPO and planned to go public within three years. In 2022, there were reports in the market that http://Binance.us was seeking financing at a valuation of $4.5 billion.

Although these plans have been stalled in regulatory conflicts, in May 2025, the SEC officially dropped the lawsuit against http://Binance.us, once again opening the door to the possibility of a listing.

In the context of OKX clearly advancing towards a U.S. listing, if its listing is successful, it would be like breaking the ice. Therefore, if Binance chooses to reactivate Binance.us's listing plan, it is highly likely to reshape the landscape of U.S.-based exchanges, especially in the political environment under Trump's administration, which may be the most lenient external environment, after all, its USD1 is closely linked with Binance.

Five, What's the Relationship Between Listing and Us Cryptocurrency Players?

It's a big relationship, and it has already been reflected to some extent.

If Binance wants to further embrace the capital market, it must address the issue of whether BNB is a security. In a previous article on OKX, I mentioned how star has coldly handled $OKB in a way similar to self-defeating martial arts to ensure it can pass the Howey Test (a security determination standard).

The recent changes over the past year have revealed some shifts in Binance's policies:

• Launchpad: The once heavily security-like "BNB subscription" feature has been completely abandoned;

• Launchpool: Reward frequency has noticeably decreased, gradually replacing the "Hold-and-Earn Airdrop" model with "Holder Retroactive Airdrops" instead; Compared to OKB, which was directly put into the "doghouse," Binance has taken a more gentle, subtle adjustment path. The reason behind this is that BNB has a large volume, numerous holders, and many ecosystem stakeholders. Any drastic adjustment would shake the foundation of Binance.

Therefore, Binance has chosen a "mild and gradual" approach to gradually weaken BNB's security-like features without causing panic, paving the way for its compliance and long-term legitimacy.

Of course, I don't believe that $BNB will be abandoned, otherwise we wouldn't see CZ vigorously promoting BNB everywhere. It should be just about finding a more reasonable balance. I still remain optimistic about $BNB reaching four digits.

Conclusion: From Exchange Token to National-level Asset, BNB is reshaping its financial identity

We can see that Binance's strategy in the capital market is far more than just "collecting listing fees" or "squeezing other platforms' liquidity." It is attempting to build a three-dimensional system with BNB as the core anchor, linking the on-chain ecosystem with off-chain capital, integrating national resources with the financial market.

This layout is still ongoing, and whether BNB can truly realize its transformation into a financial asset will depend on: • Whether the ETF is approved; • Whether Binance.us truly resumes its IPO; • Whether BNB can completely dispel doubts about its "security-like" nature; • Whether the market will give it a consensus pricing as a "non-Bitcoin long-term asset."

But regardless of the outcome, Binance's capital game has silently begun, and its momentum is growing. Opportunities to watch for:1. Subsequent BNB Micro-Strategy Stock Secondary Opportunities2. Positive effect on BNB price if BNB ETF is approved

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