BNB Plus (BNBX)
Market Price (12/18/2025): $2.27 | Market Cap: $95,397Sector: Financials | Industry: Asset Management & Custody Banks
BNB Plus (BNBX)
Market Price (12/18/2025): $2.27Market Cap: $95,397Sector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| 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 -13 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -306% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -51%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13% | |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -301%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -313% | |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 225% | |
| 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. |
| 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 -13 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -306% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -51%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -301%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -313% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 225% |
| 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. |
Valuation, Metrics & Events
BNBX Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Here are the key points explaining the stock movement for BNB Plus (symbol: BNBX) from approximately August 31, 2025, to today:
1. Rebranding and Strategic Shift.
BNB Plus Corp. (formerly Applied DNA Sciences) rebranded around November 17, 2025, to emphasize a strategic shift towards a yield-optimized, BNB-based digital asset treasury strategy leveraging the Binance ecosystem.
2. Significant Private Investment in Public Equity (PIPE) Financing.
On October 22, 2025, the company closed a private placement, generating approximately $27.0 million in gross proceeds, with the potential for up to an additional $31 million from future warrant exercises. This financing included contributions in cash, stablecoins, and OBNB trust units.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BNBX Return | � | � | � | � | � | � | � |
| Peers Return | � | 25% | -29% | 61% | 24% | 18% | � |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| BNBX Win Rate | � | � | � | � | � | 0% | |
| Peers Win Rate | � | 57% | 43% | 63% | 65% | 62% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| BNBX Max Drawdown | � | � | � | � | � | � | |
| Peers Max Drawdown | � | -11% | -37% | -1% | -12% | -21% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[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] 2025 data is for the year up to 12/17/2025 (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 | 4470 days | 1480 days |
Compare to
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 over time.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
Trade Ideas
Select past ideas related to BNBX. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 14.1% | 14.1% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 5.1% | 5.1% | 0.0% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -2.4% | -2.4% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 4.6% | 4.6% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -9.0% | -9.0% | -11.0% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 14.1% | 14.1% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 5.1% | 5.1% | 0.0% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -2.4% | -2.4% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 4.6% | 4.6% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -9.0% | -9.0% | -11.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for BNB Plus
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 287.91 |
| Mkt Cap | 81.7 |
| 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 | 9.3% |
| QoQ Delta Rev Chg LTM | 2.8% |
| Op Mgn LTM | 19.0% |
| Op Mgn 3Y Avg | 18.3% |
| QoQ Delta Op Mgn LTM | 1.2% |
| 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 | 81.7 |
| P/S | 5.2 |
| P/EBIT | 20.8 |
| P/E | 28.2 |
| P/CFO | 20.2 |
| Total Yield | 3.6% |
| Dividend Yield | 0.6% |
| FCF Yield 3Y Avg | 5.4% |
| D/E | 0.2 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 10.8% |
| 3M Rtn | 10.0% |
| 6M Rtn | 18.5% |
| 12M Rtn | 8.2% |
| 3Y Rtn | 125.7% |
| 1M Excs Rtn | 10.0% |
| 3M Excs Rtn | 8.7% |
| 6M Excs Rtn | 6.1% |
| 12M Excs Rtn | -2.0% |
| 3Y Excs Rtn | 44.7% |
Segment Financials
Revenue by Segment
| $ Mil | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| 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 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| 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 |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12312024 | 2132025 | 10-Q 12/31/2024 |
| 9302024 | 12172024 | 10-K 9/30/2024 |
| 6302024 | 8082024 | 10-Q 6/30/2024 |
| 3312024 | 5102024 | 10-Q 3/31/2024 |
| 12312023 | 2082024 | 10-Q 12/31/2023 |
| 9302023 | 12072023 | 10-K 9/30/2023 |
| 6302023 | 8102023 | 10-Q 6/30/2023 |
| 3312023 | 5112023 | 10-Q 3/31/2023 |
| 12312022 | 2092023 | 10-Q 12/31/2022 |
| 9302022 | 12142022 | 10-K 9/30/2022 |
| 6302022 | 8112022 | 10-Q 6/30/2022 |
| 3312022 | 5122022 | 10-Q 3/31/2022 |
| 12312021 | 2102022 | 10-Q 12/31/2021 |
| 9302021 | 12092021 | 10-K 9/30/2021 |
| 6302021 | 8122021 | 10-Q 6/30/2021 |
| 3312021 | 5132021 | 10-Q 3/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |