Nasdaq has suspended trading in BNB Plus, a digital asset treasury (DAT) company that burned shareholders on the dream of making money on Binance’s blockchain.
The stock closed its final session at $0.16, down 99.99% on a split-adjusted basis in three years.
Its reinvention from a biotech stock to a BNB-holding DAT lasted less than 10 months and cost common shareholders nearly everything.
Shares are now downlisted onto OTC Markets Group’s venture tier, under the same ticker symbol. It plans to appeal the delisting via Nasdaq’s Listing and Hearing Review Council, but the suspension is immediate while that appeal is underway.
Not embarrassed, BNB Plus’s delisting announcement stubbornly describes its continued intention to pursue “sophisticated DeFi yield generation with Binance-native opportunities, unlocking access to high-performance digital assets.”
The opportunities that its operations are excluded from now includes the Nasdaq stock exchange.
Read more: After crashing 99.9%, this BTC treasury stock crashed 99.9% — again
‘Innovation is in our DNA’
BNB Plus was formerly known as Applied DNA Sciences. It spent years selling DNA tags that authenticated textiles and other products in supply chains.
James Hayward, its chief executive of two decades, retired in June 2025 with a $450,000 separation payment. Days later, the company cut 27% of its workforce.
By late September, the company announced $27 million in financing to amass a BNB treasury. Investors paid in cash, stablecoins, and trust units in exchange for new shares and warrants.
SkyBridge Capital founder Anthony Scaramucci signed on as an advisor. Multi-year service deals promised asset manager Cypress LLC fees on BNB Plus’s assets and a cut of its assets, while a second deal handed Cypress Management LLC stock warrants over nearly a tenth of the company.
New CEO Clay Shorrock said at the time, “We’re proud to integrate our digital asset treasury strategy with our best-in-class PCR-based nucleic acid production solutions to accelerate growth and deliver long-term shareholder value.”
Needless to say, those two businesses failed to complement one another. Surprising no one, BNB has almost nothing to do with DNA.
The BNB treasury strategy was obviously an attempt to capitalize on a momentary fad for DATs that peaked in early summer 2025.
For a brief moment, investors were bullish about the bizarre pivot. Shares surged more than 50% the day before the formal announcement in late September 2025, then jumped another 70% once the press release landed.
Late to the party, its stock price soon settled back near where it started and then continued its downward slide.
Five reverse splits couldn’t prevent a Nasdaq delisting
After its BNB-focused financing placement closed in October, the company assembled about 15,500 BNB in tokens and trust units.
It swapped its ticker from APDN to BNBX in October, putting BNB front and center. It renamed to BNB Plus Corp by November. By December, it deployed an additional $3 million into BNB.
The price drifted lower. By March, BNBX had spent weeks below $1, and Nasdaq issued a deficiency notice, per the company’s own disclosure.
The fall below $1 was in spite of years of efforts by the company to manufacture a share price above $1. In fact, Applied DNA has reverse split five times: 1:60 in 2014, 1:40 in 2019, 1:20 in 2024, 1:50 in March 2025, and 1:15 in June 2025.
Even after all those adjustments, it last traded below $0.15 anyway.
BNB Plus’s mNAV: 0.09x
DAT companies grade themselves on a so-called multiple-to-Net Asset Value or “mNAV,” the ratio of their market capitalization to the value of their crypto holdings.
At an mNAV above 1x, investors are paying a premium for the company relative to its treasury. Below 1x, they are bearish on the company’s ability to grow.
BNB Plus’s own dashboard shows roughly 18,700 BNB and $3.9 million in cash against a market cap near $814,000, grading itself an embarrassing mNAV of 0.09x.
In April 2026, its board launched a strategic review contemplating another pivot to AI. In May, the company secured commitments for $4.1 million of convertible preferred financing to keep the lights on while it decides.
The company’s X account has been silent since January 5. Its bio still promises that “$BNBX is built to outperform simple BNB buy-and-hold strategies, delivering investors more BNB tokens over time.”
Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.
