BNB Plus (BNBX)
Market Price (2/6/2026): $0.9 | Market Cap: $1.5 MilSector: Financials | Industry: Asset Management & Custody Banks
BNB Plus (BNBX)
Market Price (2/6/2026): $0.9Market Cap: $1.5 MilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -103% | Weak multi-year price returns2Y Excs Rtn is -119%, 3Y Excs Rtn is -147% | Penny stockMkt Price is 0.9 |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Product Authentication & Supply Chain Security. Themes include Advanced Diagnostics, Nucleic Acid Therapeutics, Show more. | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -16 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -601% | |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -36%, Rev Chg QQuarterly Revenue Change % is -59% | ||
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -466%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -478% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -1064% | ||
| High stock price volatilityVol 12M is 143% | ||
| Key risksBNBX key risks include [1] an operational model highly susceptible to the price volatility of its core BNB holdings and [2] an unproven yield generation strategy amid significant financial challenges and reported losses. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -103% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Product Authentication & Supply Chain Security. Themes include Advanced Diagnostics, Nucleic Acid Therapeutics, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -119%, 3Y Excs Rtn is -147% |
| Penny stockMkt Price is 0.9 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -16 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -601% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -36%, Rev Chg QQuarterly Revenue Change % is -59% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -466%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -478% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -1064% |
| High stock price volatilityVol 12M is 143% |
| Key risksBNBX key risks include [1] an operational model highly susceptible to the price volatility of its core BNB holdings and [2] an unproven yield generation strategy amid significant financial challenges and reported losses. |
Qualitative Assessment
AI Analysis | Feedback
BNB Plus (BNBX) stock has lost about 75% since 10/31/2025 because of the following key factors:
1. Deteriorating Financial Performance and Continued Losses.BNB Plus (BNBX) experienced a significant decline in its financial performance, with Q4 2025 revenue falling by 59.10% year-over-year to $199,429. The company remained deeply unprofitable, reporting a net income of -$5,271,774 and a negative gross margin of -84.23%, indicating severe operational and profitability challenges. Earnings per share (EPS) also dropped significantly by 97.71% to -$3.99.
2. Share Dilution from Capital Restructuring and Potential Resale.The company took actions that raised concerns about potential share dilution. Shareholders approved an increase in authorized common stock and shares reserved under the equity incentive plan. Additionally, BNB Plus filed an S-1 to register the resale of up to 18.7 million shares by existing stockholders. If all these securities were issued, the total outstanding shares would dramatically increase from approximately 4.37 million to over 20.5 million, significantly diluting the value of existing shares.
Show more
1. Deteriorating Financial Performance and Continued Losses.BNB Plus (BNBX) experienced a significant decline in its financial performance, with Q4 2025 revenue falling by 59.10% year-over-year to $199,429. The company remained deeply unprofitable, reporting a net income of -$5,271,774 and a negative gross margin of -84.23%, indicating severe operational and profitability challenges. Earnings per share (EPS) also dropped significantly by 97.71% to -$3.99.
2. Share Dilution from Capital Restructuring and Potential Resale.The company took actions that raised concerns about potential share dilution. Shareholders approved an increase in authorized common stock and shares reserved under the equity incentive plan. Additionally, BNB Plus filed an S-1 to register the resale of up to 18.7 million shares by existing stockholders. If all these securities were issued, the total outstanding shares would dramatically increase from approximately 4.37 million to over 20.5 million, significantly diluting the value of existing shares.
Show more
Stock Movement Drivers
Fundamental Drivers
The -75.1% change in BNBX stock from 10/31/2025 to 2/5/2026 was primarily driven by a -65.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312025 | 2052026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.45 | 0.86 | -75.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3 | 3 | -9.7% |
| P/S Multiple | 0.7 | 0.5 | -19.7% |
| Shares Outstanding (Mil) | 1 | 2 | -65.6% |
| Cumulative Contribution | -75.1% |
Market Drivers
10/31/2025 to 2/5/2026| Return | Correlation | |
|---|---|---|
| BNBX | -75.1% | |
| Market (SPY) | -0.7% | 29.9% |
| Sector (XLF) | 1.8% | 20.2% |
Fundamental Drivers
nullnull
Market Drivers
7/31/2025 to 2/5/2026| Return | Correlation | |
|---|---|---|
| BNBX | ||
| Market (SPY) | 7.5% | 12.6% |
| Sector (XLF) | 2.1% | 11.4% |
Fundamental Drivers
nullnull
Market Drivers
1/31/2025 to 2/5/2026| Return | Correlation | |
|---|---|---|
| BNBX | ||
| Market (SPY) | 13.6% | 12.6% |
| Sector (XLF) | 4.6% | 11.4% |
Fundamental Drivers
nullnull
Market Drivers
1/31/2023 to 2/5/2026| Return | Correlation | |
|---|---|---|
| BNBX | ||
| Market (SPY) | 72.9% | 12.6% |
| Sector (XLF) | 52.4% | 11.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BNBX Return | - | - | - | - | -71% | 2% | -71% |
| Peers Return | 25% | -29% | 61% | 24% | 19% | -5% | 100% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 83% |
Monthly Win Rates [3] | |||||||
| BNBX Win Rate | - | - | - | - | 0% | 50% | |
| Peers Win Rate | 57% | 43% | 63% | 65% | 62% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BNBX Max Drawdown | - | - | - | - | -71% | 0% | |
| Peers Max Drawdown | -11% | -37% | -1% | -12% | -21% | -8% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BKNG, ABNB, EXPE, MAR, HLT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/5/2026 (YTD)
How Low Can It Go
BNBX has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -26.9% | -25.4% |
| % Gain to Breakeven | 36.7% | 34.1% |
| Time to Breakeven | 525 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -43.3% | -33.9% |
| % Gain to Breakeven | 76.5% | 51.3% |
| Time to Breakeven | 295 days | 148 days |
| 2018 Correction | ||
| % Loss | -26.1% | -19.8% |
| % Gain to Breakeven | 35.2% | 24.7% |
| Time to Breakeven | 338 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -83.7% | -56.8% |
| % Gain to Breakeven | 515.2% | 131.3% |
| Time to Breakeven | 4,470 days | 1,480 days |
Compare to BKNG, ABNB, EXPE, MAR, HLT
In The Past
SPDR Select Sector Fund's stock fell -26.9% during the 2022 Inflation Shock from a high on 1/12/2022. A -26.9% loss requires a 36.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About BNB Plus (BNBX)
Applied DNA Sciences, Inc. develops and markets DNA-based technology solutions for use in the nucleic acid-based in vitro diagnostics and preclinical nucleic-acid based drug development and manufacturing markets; and for supply chain security, anti-counterfeiting, and anti-theft technology purposes. The company's supply chain security and product authentication solutions include SigNature molecular tags that provide forensic power and protection for various applications used to fortify brand protection efforts and strengthen supply chain security, as well as mark, track, and convict criminals; SigNify IF portable DNA readers and SigNify consumable reagent test kits that provide real-time authentication of molecular tags in the field; and CertainT, which indicates the use of tagging, testing, and tracking platforms and solutions enabling manufacturers, brands, and trade organizations to convey proof of their product claims. It also manufactures and sells COVID-19 PCR-based molecular diagnostic test kit under the LineaTM COVID-19 Assay Kit trademark; and COVID-19 diagnostic test kit to prevent virus spread within a community, school, or workplace under the safeCircle trademark. In addition, the company provides preclinical contract research and manufacturing services for the nucleic acid-based therapeutic markets; and contract research services to RNA based drug and biologic customers for preclinical studies. Further, it develops an invasive circulating tumor cell capture and identification technology that uses a patented functional assay to capture live invasive circulating tumor cell and associated lymphocytes. The company operates in the United States, Europe, Asia, and internationally. The company was formerly known as Datalink Systems, Inc. and changed its name to Applied DNA Sciences, Inc. in 2002. Applied DNA Sciences, Inc. was founded in 1983 and is headquartered in Stony Brook, New York.
AI Analysis | Feedback
nullAI Analysis | Feedback
- Decentralized Exchange (DEX) Services: Provides a platform for users to trade various cryptocurrencies directly and securely on a blockchain.
- Staking & Yield Farming: Enables users to lock their digital assets to earn passive income and contribute to the network's liquidity and security.
- Decentralized Lending & Borrowing: Facilitates peer-to-peer lending and borrowing of cryptocurrencies without intermediaries.
- NFT Marketplace: Offers a digital platform for the creation, discovery, and trading of non-fungible tokens.
- Native Utility Token (BNBX): The proprietary digital asset used for governance, transaction fees, and exclusive access within its ecosystem.
AI Analysis | Feedback
I am unable to find a publicly traded company by the name of BNB Plus with the stock symbol BNBX on major stock exchanges or financial databases.
As such, I cannot identify its major customers or categories of customers.
AI Analysis | Feedback
nullAI Analysis | Feedback
The public company BNB Plus (symbol: BNBX) has recently undergone a rebranding and made key leadership appointments. Clay Shorrock CEO and President Clay Shorrock is the CEO and President of BNB Plus. He has stated that the appointment of Josh Kruger as Chairman signals the company's commitment to strengthening its DeFi leadership. Josh Kruger Chairman of the Board Josh Kruger was appointed as the new Chairman of the Board for BNB Plus. He is the founder of OnChain Alpha and previously served as the Head of Trading at Coral Capital, which was acquired by DNA Fund in late 2024. Kruger brings expertise in managing blockchain-native assets for yield generation and capital efficiency. Judy Murrah Director Judy Murrah stepped down as the Chairperson of the Board but continues to serve as a Director for BNB Plus.AI Analysis | Feedback
Here are the key risks to BNB Plus (symbol: BNBX):-
Highly Volatile Nature of Digital Assets: BNB Plus Corp's business model is centered on digital asset treasury management of BNB, and the value of its holdings, as well as its overall financial performance, is highly susceptible to the extreme price volatility of BNB and other cryptocurrencies. The company's stock price has also experienced high volatility.
-
Regulatory Uncertainty in the Digital Asset Space: The company operates within a rapidly evolving and often uncertain regulatory landscape for digital assets. Changes in business, market, financial, political, and regulatory conditions regarding cryptocurrencies could significantly impact BNB Plus's operations, its ability to execute its strategies, and its overall compliance.
-
Unproven Yield Generation Strategy and Ongoing Financial Challenges: BNB Plus aims to generate yield through a combination of sophisticated DeFi strategies and Binance-native opportunities. The effectiveness, consistency, and long-term viability of this yield generation strategy are unproven. Furthermore, the company faces significant financial challenges, including negative profitability metrics and distress signals, with reported losses and a dip in operating cash flow, indicating potential inefficiencies in capital utilization.
AI Analysis | Feedback
null
AI Analysis | Feedback
BNB Plus (symbol: BNBX) operates in two primary markets: a newly established digital asset treasury strategy focusing on the Binance ecosystem and its legacy biotechnology business providing nucleic acid production solutions.
Digital Asset Treasury / Yield-Optimized Digital Asset Strategy
BNB Plus's core mission has shifted to a yield-optimized, BNB-based digital asset treasury strategy, leveraging the Binance ecosystem to generate yield through decentralized finance (DeFi) strategies.
- The global Decentralized Finance (DeFi) market was valued at approximately USD 87.3 billion in 2024 and is projected to reach around USD 507.5 billion by 2034.
- North America held approximately 38% of the global DeFi market in 2024, valued at about USD 33 billion, and is projected to reach USD 175 billion by 2034.
- The Asia-Pacific region contributed nearly 24% of the global DeFi revenue in 2024, at USD 21 billion, and is projected to reach nearly USD 140 billion by 2034.
- The global Digital Asset Management (DAM) market was valued at USD 6.59 billion in 2025 and is forecast to reach USD 12.80 billion by 2030.
- North America led the DAM market with a 38.2% revenue share in 2024, while the Asia-Pacific region is projected for rapid expansion.
Proprietary Nucleic Acid Production Solutions
BNB Plus (formerly Applied DNA Sciences, Inc.) also continues to commercialize proprietary nucleic acid production solutions for the biopharmaceutical and diagnostics markets.
- The global nucleic acid therapeutics CDMO market was estimated at USD 15.35 billion in 2024 and is projected to grow to USD 33.86 billion by 2030.
- North America dominated the nucleic acid therapeutics CDMO market, accounting for a 40.15% revenue share in 2024.
- The global nucleic acid testing market was valued at USD 3.7 billion in 2023 and is poised to reach USD 7.2 billion by 2033.
- The U.S. nucleic acid testing market is estimated to reach USD 2.0 billion by 2033.
- The global nucleic acid isolation and purification market size was estimated at USD 6.1 billion in 2023 and is projected to grow to USD 16.65 billion by 2034.
- North America led the nucleic acid isolation and purification market with a 39.70% share in 2023.
AI Analysis | Feedback
BNB Plus (symbol: BNBX) is undergoing a significant strategic pivot, shifting from its historical biotechnology focus to a digital asset treasury company concentrating on the Binance ecosystem. Based on recent company announcements and strategic insights, the expected drivers of future revenue growth over the next 2-3 years include:
- Yield Generation from BNB Holdings: A primary driver of future revenue growth is expected to come from BNB Plus's actively managed, yield-optimized BNB-based digital asset treasury strategy. The company aims to leverage sophisticated, non-directional yield strategies within the Binance ecosystem to generate returns from its BNB holdings.
- Expansion of BNB Holdings: Growth in revenue is intrinsically linked to the expansion of the company's underlying BNB (Binance Coin) holdings. BNB Plus intends to increase its BNB assets through various strategies, including accretive yield models, which will directly enhance the capital base from which yield is generated.
- Growth and Adoption of the Binance Ecosystem: As BNB Plus's strategy is deeply integrated with the Binance ecosystem and its native token, BNB, the overall growth, increased adoption, and value appreciation of the Binance ecosystem will contribute to the company's revenue. This includes exposure to BNB's performance and the ecosystem's expansion.
- Attracting Institutional and Traditional Investors: BNB Plus is positioning itself to offer institutional-grade access to the Binance ecosystem, thereby attracting traditional investors seeking exposure to digital assets without direct cryptocurrency ownership. This influx of capital from a broader investor base could provide the company with more resources to deploy in its yield-generating strategies, indirectly boosting revenue.
- Continued Commercialization of Nucleic Acid Production Solutions: Despite the strategic pivot to digital assets, BNB Plus has stated its intention to continue commercializing its proprietary nucleic acid production solutions for the biopharmaceutical and diagnostics markets through its subsidiary, LineaRx. This legacy business segment is expected to continue contributing to the company's overall revenue.
AI Analysis | Feedback
Capital Allocation Decisions for BNB Plus (BNBX)
Share Issuance
- On October 22, 2025, BNB Plus (formerly Applied DNA Sciences Inc.) closed a private placement, generating approximately $27.0 million in gross proceeds.
- This private placement includes the potential for up to an additional $31 million from future warrant exercises.
- As of October 27, 2025, the company reported 4.35 million shares outstanding and 23.71 million shares on a fully diluted basis, indicating a substantial number of outstanding warrants, with approximately 6.9 million warrants requiring shareholder approval.
Inbound Investments
- BNB Plus completed a private investment in public equity (PIPE) financing on October 22, 2025, raising approximately $27.0 million initially from institutional DeFi and TradFi investors.
- The PIPE included $15.3 million in cash and stablecoins, along with $11.71 million in OBNB trust units.
- Anthony Scaramucci, founder of SkyBridge Capital, was brought in as a strategic adviser and received warrants in the transaction.
Outbound Investments
- BNB Plus is pursuing a strategy focused on a yield-optimized, BNB-based digital asset treasury leveraging the Binance ecosystem.
- As part of this strategy, the company purchased 4,908 BNB tokens with an estimated value of $5.3 million as of October 20, 2025.
- As of October 27, 2025, the company held approximately 15,553 BNB through direct holdings and OBNB Trust units, reflecting its long BNB exposure and institutional-grade yield strategies.
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 270.01 |
| Mkt Cap | 73.2 |
| Rev LTM | 13,156 |
| Op Inc LTM | 2,642 |
| FCF LTM | 2,647 |
| FCF 3Y Avg | 2,296 |
| CFO LTM | 3,238 |
| CFO 3Y Avg | 2,985 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.0% |
| Rev Chg 3Y Avg | 11.9% |
| Rev Chg Q | 8.7% |
| QoQ Delta Rev Chg LTM | 2.4% |
| Op Mgn LTM | 19.0% |
| Op Mgn 3Y Avg | 18.3% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 23.8% |
| CFO/Rev 3Y Avg | 21.0% |
| FCF/Rev LTM | 20.2% |
| FCF/Rev 3Y Avg | 17.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 73.2 |
| P/S | 4.5 |
| P/EBIT | 19.1 |
| P/E | 28.3 |
| P/CFO | 16.4 |
| Total Yield | 3.6% |
| Dividend Yield | 0.3% |
| FCF Yield 3Y Avg | 5.1% |
| D/E | 0.2 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -14.5% |
| 3M Rtn | 3.0% |
| 6M Rtn | 9.7% |
| 12M Rtn | 4.0% |
| 3Y Rtn | 89.0% |
| 1M Excs Rtn | -12.4% |
| 3M Excs Rtn | 3.8% |
| 6M Excs Rtn | -1.5% |
| 12M Excs Rtn | -8.1% |
| 3Y Excs Rtn | 22.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Molecular diagnostics (MDx) Testing Services and Kits | 11 | 16 | 7 | |
| Deoxyribonucleic acid (DNA) Tagging and Security Products | 1 | 2 | 2 | |
| Therapeutic Deoxyribonucleic acid (DNA) Production | 1 | 0 | 1 | |
| Asset marking | 0 | |||
| Clinical laboratory testing services | 0 | |||
| Large scale deoxyribonucleic acid (DNA) production | 0 | |||
| Research and development services | 1 | |||
| Supply chain | 0 | |||
| Total | 13 | 18 | 9 | 2 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Molecular diagnostics (MDx) Testing Services and Kits | 1 | -0 | -0 | |
| Deoxyribonucleic acid (DNA) Tagging and Security Products | -4 | -5 | -5 | |
| Therapeutic Deoxyribonucleic acid (DNA) Production | -4 | -4 | -5 | |
| General corporate expenses | -5 | -4 | -3 | |
| Total | -11 | -14 | -13 |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 12/22/2025 | 10-K |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-Q |
| 09/30/2024 | 12/17/2024 | 10-K |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 12/07/2023 | 10-K |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 02/09/2023 | 10-Q |
| 09/30/2022 | 12/14/2022 | 10-K |
| 06/30/2022 | 08/11/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
| 12/31/2021 | 02/10/2022 | 10-Q |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.