Nasdaq has suspended trading in BNB Plus, a digital asset treasury company that bet its future on Binance's BNB token, after the stock collapsed 99.99% on a split-adjusted basis over three years. The stock closed its final session at $0.16 and has been downlisted to OTC Markets Group's venture tier under the same ticker BNBX. The company plans to appeal the delisting through Nasdaq's Listing and Hearing Review Council, but the suspension is immediate.
From Biotech to BNB Treasury
BNB Plus, formerly Applied DNA Sciences, spent years selling DNA tags for supply chain authentication. In June 2025, CEO James Hayward retired with a $450,000 separation payment, and the company cut 27% of its workforce. By late September, it announced $27 million in financing to build a BNB treasury, with investors paying in cash, stablecoins, and trust units for new shares and warrants. SkyBridge Capital's Anthony Scaramucci signed on as an advisor, and asset manager Cypress LLC secured multi-year service deals for fees on BNB Plus's assets plus warrants over nearly 10% of the company.
New CEO Clay Shorrock claimed the company would integrate its digital asset treasury strategy with its "best-in-class PCR-based nucleic acid production solutions," but the two businesses failed to complement each other. The pivot was an attempt to capitalize on the DAT fad that peaked in mid-2025. Shares surged 50% the day before the announcement and another 70% after, but soon settled back near their starting point and continued falling.
Reverse Splits and a 0.09x mNAV
After the financing closed in October, BNB Plus assembled about 15,500 BNB tokens and trust units, later deploying another $3 million into BNB. It changed its ticker to BNBX in October and renamed to BNB Plus Corp by November. Despite five reverse stock splits — 1:60 in 2014, 1:40 in 2019, 1:20 in 2024, 1:50 in March 2025, and 1:15 in June 2025 — the stock spent weeks below $1, triggering a Nasdaq deficiency notice in March 2026.
The company's own dashboard shows roughly 18,700 BNB and $3.9 million in cash against a market cap near $814,000, giving it an mNAV of 0.09x — meaning investors value it at just 9% of its crypto holdings. In April 2026, the board launched a strategic review contemplating a pivot to AI, and in May secured $4.1 million in convertible preferred financing to stay afloat. The company's X account has been silent since January 5, though its bio still promises that "$BNBX is built to outperform simple BNB buy-and-hold strategies."