Lebit Mining Pool founder Jiang Zhuoer said on Sept. 21 that he had sold his BNC stock position before the U.S. stock market opened, arguing that the token had already posted a notable gain on-chain over the weekend and would likely be hit once regular trading began. He said he intends to re-enter after the price falls for a while.
Jiang had laid out his BNCB investment thesis on Sept. 18. He said BNCB holdings had risen again to $17.28 million. In the comparison data he cited, that size was already above the figures tied to Coinbase and MicroStrategy-related targets and was close to the Tesla-related target. In his view, BNCB offers BNB exposure at roughly 58% of the price.
He described BNC as a BNB treasury company controlled by Binance, while BNCB is the Binance bStock token corresponding to BNC. He argued that Binance listed BNCB to channel crypto-market capital into U.S.-listed BNC and create a stock-token flywheel similar to MSTR. Jiang also said BNB’s market capitalization is about $94 billion, versus roughly $220 million for BNC. If 1% of BNB buying capital shifts to BNC, he said, the current discount could be erased. He added that crypto-market funds have bought $17.28 million of BNCB and $5.29 million of BNC4, for a combined $22.57 million, or about 10% of BNC’s market capitalization.
BlockBeats reported that on Sept. 21, Lebit Mining Pool founder Jiang Zhuoer said he had already sold his BNC stock position before the U.S. stock market opened.
He wrote: "The stock had already risen a lot on-chain over the weekend. Once the U.S. market opens, it will definitely get hit. I’ll wait for it to fall for a while, then buy it back." His point was simple: the stock had already logged a clear gain on-chain during the weekend, would probably face a sell-off after the U.S. market opened, and he planned to re-enter after some decline.
His earlier BNCB thesis
Back on Sept. 18, Jiang laid out why he was buying BNCB. He said his BNCB holdings had gone up again, reaching $17.28 million.
In the comparison data he pointed to, that amount had already moved above the levels linked to Coinbase and MSTR-related targets, and it was nearing the Tesla-related target. His takeaway: BNCB was basically a way to get BNB exposure at around 58% of the price.
How he described BNC and BNCB
Jiang said BNC is a BNB treasury company controlled by Binance, and BNCB is the Binance bStock token tied to BNC.
He argued that Binance listed BNCB as a way to funnel crypto-market capital into U.S.-listed BNC and create a stock-token flywheel similar to MSTR.
He also said BNB’s total market capitalization is about $94 billion, while BNC’s market capitalization is only about $220 million. So if 1% of BNB buying capital shifts into BNC, he said that would be enough to close the current discount.
Current position figures he cited
Using the figures he shared, crypto-market capital had bought $17.28 million of BNCB and $5.29 million of BNC4. Together, that comes to $22.57 million — about 10% of BNC’s total market capitalization.
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