Changpeng Zhao, or CZ, posted on X on Sept. 8 that 「IPOs will move on chain」. Almost immediately after that, BSC meme launchpad Four.meme rolled out 4Stock, a new stock-paired meme token launch model, and issued its first stock token, BNC4, which it described as 1:1 pegged to shares of CEA Industries (BNC).
That was followed by the launch of 4Stock, the first meme token using BNC4 as its base pool. Odaily said the token’s market capitalization hit as high as $90 million within three hours of going live, before falling back to around $40 million by press time. BNC4 itself was pushed sharply higher and briefly traded above $30, roughly a 10x premium to BNC shares.
The move did not stay confined onchain. Odaily wrote that the stock-and-meme pairing "flywheel" appeared to kick in again, with BNC shares rising more than 50% in premarket trading to about $5.5. By the time the article was published, BNC4 had already fallen sharply from its peak, though it was still trading near $10.
All of that unfolded in roughly three hours. Lookonchain, as cited by Odaily, said a trader identified as 0xbebb…7c3f44 spent about $4,400 buying 4Stock and was sitting on an unrealized profit of $1.08 million at press time, without having sold. Odaily also said several participants in BNC4 arbitrage posted screenshots on social media showing gains ranging from tens of thousands of dollars to hundreds of thousands. Trader 0xShawn wrote that he put in about $30,000 and ended up with about $230,000, turning a single trade into what Chinese crypto traders call an "A7" result within a matter of hours.
How Odaily described 4Stock’s role
Odaily noted that the timing of 4Stock’s launch lined up almost exactly with CZ’s post. In the article’s account, 4Stock is designed to bring popular stocks not yet covered by bStocks onto BNB Chain. Each 4Stock token is backed 1:1 by its corresponding stock asset. Once the same stock is listed through bStock, the matching 4Stock token is meant to convert into bStock on a 1:1 basis.
On that basis, Odaily framed 4Stock as a supplement to Binance bStock on BNB Chain. Smaller-cap names and low-priced stocks with trading attention could appear first on 4Stock and later move to bStock if they are judged to carry no risk. The article compared the relationship between 4Stock and bStock to the relationship between Binance Alpha and Binance’s main exchange.
The operating model itself is relatively straightforward. When a user applies to issue 4Stock, Four.meme uses the submitted funds to buy the underlying stock through a dedicated custody account. It then mints the corresponding amount of 4Stock based on the quantity of the stock it actually purchased and holds. Odaily said the product is still in an early stage and does not yet support automated execution, so stock purchases are currently handled manually.
Even so, the team’s speed became part of the story. According to an official statement cited in the article, Four.meme had already received more than $2 million in minting requests after BNC4, the first 4Stock token tied to CEA Industries shares, went live.
Some users initially questioned whether the Four.meme team might delay the mint channel, withhold tokens from users who had paid to mint, and sell into the market using its own inventory. That tone changed after several arbitrage participants publicly shared profit screenshots, according to Odaily.
Where the arbitrage window came from
Odaily said the minting flow remains fairly manual because the entire stock-token issuance process depends on Four.meme’s own handling. A user who wants to mint BNC4 must send the required amount of USDC to a designated 4Stock deposit wallet, with a minimum of 10,000 USDC per transaction. After sending the funds, the user must also complete and submit a 4Stock mint form. Four.meme then processes requests in order and charges a 1% minting fee, which means 100 USDC on a 10,000 USDC deposit.
Four.meme said it would buy the corresponding underlying asset within 24 hours of receiving USDC and mint the matching amount of 4Stock based on the amount actually acquired. Odaily argued that this narrow time gap is what made the BNC4 arbitrage possible.
The key detail is the pricing reference. Four.meme mints BNC4 according to the market price of BNC shares, not according to BNC4’s onchain trading price. Odaily used 0xShawn’s trade as the example: with roughly $30,000, the trader received 6,666 BNC4, implying a mint cost of about $4.5 per token. By the time those BNC4 tokens were delivered, the onchain price had already climbed above $30, producing a return of more than 7x.
At press time, BNC4 was still trading near $10, while BNC shares were quoted around $5.5 in after-hours trading. Odaily said that still left room for arbitrage. At the same time, the article noted that BNC is a small-cap stock and that the U.S. equity market was closed at the time, which could mean Four.meme was unable to buy additional BNC until the next market open.
Focus shifts to the U.S. market open
The final point in the article was the next trading session for BNC shares. If Four.meme follows through on its pledge to buy BNC in the U.S. stock market within 24 hours, Odaily said that demand would amount to a sizable source of buying pressure for the stock, making BNC’s price action after the market opens a key point to watch.
Odaily also contrasted the episode with JINQIAN/FAMI and said the market is now debating whether a new version of the stock-token-plus-meme "flywheel" can begin with 4Stock and BNC4.