Binance bStocks

Last Updated Jun 11, 2026

ConvertibleBorrowed shares

Quick answers

The Binance spot order book (pairs like NVDAB/USDT), 24/7. The token also lives on BNB Chain, where you can withdraw it to your own wallet and use it in DeFi.

A certificate giving 1:1 economic exposure to the share, redeemable or convertible into the real share. You are entitled to dividend value (via a balance multiplier) and to the proceeds on redemption. You have no shareholder voting rights and no information rights.

Dividends reach you as an on-chain multiplier that raises your token balance, net of 30% US withholding. No separate cash payment is made.

Alpaca Securities LLC holds the underlying shares in the issuer's (BTech's) own segregated custody account under SEC Rule 15c3-3. The issuer is BTech Holdings Limited, a Binance affiliate.

Sell on the Binance spot order book, withdraw the token to self-custody on BNB Chain, or convert it one-for-one into the real share during US market hours.

⚠ Concentrated control. The issuer (BTech), the listing venue (Nest Exchange), the clearing and share-lending entity (NCCL), and the introducing broker (Nest Trading) are all Binance-group entities. Ultimate beneficial owner: Changpeng Zhao (majority shareholder of Binance Holdings).

✓ US custodian is independent. The real shares are custodied at Alpaca Securities LLC, an independent US FINRA/SIPC member broker-dealer outside the Binance group.

Where it trades

Live market data for every listing carrying the bStocks brand, read from the registry at request time.

24h Volume by Exchange

Binance$268M36 Listings

Ownership structure

You

Hold a bStock token

BTech Holdings Ltd

Issuer · ADGM

Alpaca Securities LLC

Share custodian · broker-dealer · USA

The real share

US-listed stock or ETF

Other companies involved

Binance NCCL

Clearing · share-lender · ADGM, UAE

Nest Trading Ltd

Introducing broker (conversion) · ADGM, UAE

Nest Exchange Limited

Listing venue (MTF) · ADGM, UAE

Trust profile

Verification

Self-reported

Reserves shown on a Proof of Collateral dashboard with no third-party attestor.

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Backing

Borrowed shares

1:1 real-share backed. The launch tranche is lent to NCCL (a Binance-group entity) to 2027-06-10.

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Custody isolation

Issuer-name account

Certificate backing held in the issuer's (BTech's) own segregated custody account at Alpaca under SEC Rule 15c3-3; BTech, not the holder, is the customer of record.

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Conflict / independence

Affiliate issuer

Issuer, listing venue (Nest Exchange), clearing (NCCL), and introducing broker (Nest Trading) are all Binance-group entities; only the US custodian (Alpaca) is independent.

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Redemptions & transfers

Convertible

Sell, withdraw on-chain, or convert 1:1 to the real share in US hours. Retail-eligible; platform minimum order sizes apply on redemption and conversion.

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What you own

You own a certificate: a contractual claim on the issuer, not the share itself.

It represents a 1:1 interest in underlying securities the issuer holds on trust, with a single class of certificate holders.

You Get

1:1 economic exposure to the share

Dividend value through the balance multiplier

Redemption or conversion of the certificate into the real share

A bankruptcy-remote structure: trust, asset segregation, and limited recourse. The issuer has no right to terminate the certificate early

You Don't Get

Shareholder voting rights

Information rights

Any guarantee, credit enhancement, or insurance

Key Risks

On a delisting, halt, or insolvency of the underlying, the loss falls on the holder in full; the issuer's only obligation is to deliver the underlying it then holds, or its net proceeds.

A non-petition undertaking applies: holders agree not to file the issuer into bankruptcy.

Source: Binance bStocks Product Terms

FSRA-approved prospectus

Key risks

The issuer (BTech) becomes insolvent and the trust and segregation fail to deliver the underlying. On a delisting, halt, or underlying insolvency, the loss falls on the holder in full. The issuer's only duty is then to deliver the underlying it holds, or its net proceeds. Source: Binance bStocks Product Terms
The launch tranche's backing shares are not recoverable as expected. Those shares are lent to the Binance-group entity NCCL until 2027-06-10. The Proof of Collateral dashboard does not distinguish borrowed from owned shares. Source: Proof of Collateral

Your address fails the compliance screen and cannot redeem at all. A certificate can then be left outstanding and frozen. Source: Binance bStocks Product Terms
The issuer suspends redemptions on broad discretionary grounds, or Nest Trading rejects a conversion without explanation. Suspended orders are queued rather than cancelled. Source: Binance bStocks Product Terms

Backing and attestation

Backing: each token is backed 1:1 by real shares held at Alpaca under SEC Rule 15c3-3 customer protection.
Reserve reporting: a public Proof of Collateral dashboard reports each token's custody share count against its supply.
Attestation: the reserve figures are self-reported by the issuer. No third-party attestor signs them, and a proof-of-reserves feed is undisclosed.
Borrowed during the launch window: the backing shares are lent to NCCL, a Binance-group entity, under a securities-borrowing agreement running to 2027-06-10, against 100% daily-marked collateral and a first-priority security interest. The initial tranche is therefore backed by borrowed shares rather than unencumbered owned shares. The Proof of Collateral dashboard does not surface this distinction.

Source: Binance Proof of Collateral

FSRA-approved prospectus

Dividends and corporate actions

How dividends arrive: an on-chain multiplier rebase (setUIMultiplier, ERC-8056). On a dividend the issuer reinvests the net cash into additional underlying shares and raises the multiplier, so your displayed balance increases while the raw token count is unchanged. No separate cash payment is made.
Withholding: dividends are reinvested net of 30% US withholding, with no gross-up and no holder election. You cannot take cash instead of stock. UAE withholding is 0%.
Splits: applied through the same multiplier.
Voting: you have no voting or information rights. When the backing shares are lent under the securities-borrowing agreement, voting on those shares passes to the borrower.

Source: Binance bStocks Product Terms

FSRA-approved prospectus

Redemptions and transfers

Sell: on the Binance spot order book.
Withdraw to self-custody: move the token to your own wallet on BNB Chain and use it in DeFi. On-chain settlement is instant.
Convert to the real share: one-for-one through the brokerage bridge, during regular US market hours only.
Gating: the issuer may suspend redemptions on broad discretionary grounds, including where it considers redemption contrary to the interests of holders as a class. Suspended orders are queued rather than cancelled. Nest Trading may reject a conversion for any reason without explanation. An address that fails the compliance screen cannot redeem at all.

Source: Binance bStocks Product Terms

Trading hours

Time	Tradable
Regular hours9:30am–4:00pm ET	Yes
Extended hours4:00am–9:30am & 4:00pm–8:00pm ET	Yes
Overnight8:00pm–4:00am ET	Yes
Weekend	Yes

The token trades 24/7 on Binance and on-chain. Conversion back to a real share is limited to US market hours.

Source: bStocks launch announcement

Fees

Item	Detail
Conversion fee (mint or redeem to real share)	None
Spot trading · launch pairs to 2026-08-31	Zero maker (promotion)
Spot trading · standard	0.10% maker and taker
Spot trading · fees paid in BNB	0.075%
Spot trading · VIP tiers	Lower, set by 30-day volume and BNB balance
On-chain withdrawal	Network gas
Certificate fees (management, custody, redemption)	None
Dividend withholding	30%

Current spot rates are on the Binance spot fee schedule. The issuing vehicle runs at a deliberate loss funded by an intra-group revolving loan. The issuer reserves a right to introduce fees later.

Transferability & DeFi. bStocks are standard BEP-20 tokens that can be self-custodied and used across BNB Chain DeFi. Using a bStock in a DeFi protocol adds that protocol's liquidation and smart-contract risk on top of the certificate's own risks.

Source: bStocks launch announcement

FSRA-approved prospectus

Geographic eligibility

Most major developed markets are restricted.

Region	Detail
Restrictedcannot use	United States & territories: United States, Puerto Rico, Guam, U.S. Virgin Islands, American Samoa, Northern Mariana Islands, United States Minor Outlying Islands. The bar covers any U.S. Prohibited Person, defined broadly by residence, physical location, or any US indicia including a US IP address. EU / EEA, UK & Crown Dependencies: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Åland Islands; United Kingdom, Guernsey, Jersey, Isle of Man, Gibraltar. Asia-Pacific & Gulf: Australia, New Zealand, Japan, Hong Kong, Singapore, Indonesia, Philippines, Thailand, Türkiye, Kazakhstan, Bahrain, United Arab Emirates (excluding ADGM). Sanctioned states: Cuba, Iran, North Korea.
Allowedcan use	Anyone whose jurisdiction is not in the restricted list above.

Region

Detail

Restrictedcannot use

United States & territories: United States, Puerto Rico, Guam, U.S. Virgin Islands, American Samoa, Northern Mariana Islands, United States Minor Outlying Islands. The bar covers any U.S. Prohibited Person, defined broadly by residence, physical location, or any US indicia including a US IP address.

EU / EEA, UK & Crown Dependencies: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Åland Islands; United Kingdom, Guernsey, Jersey, Isle of Man, Gibraltar.

Asia-Pacific & Gulf: Australia, New Zealand, Japan, Hong Kong, Singapore, Indonesia, Philippines, Thailand, Türkiye, Kazakhstan, Bahrain, United Arab Emirates (excluding ADGM).

Sanctioned states: Cuba, Iran, North Korea.

Allowedcan use

Anyone whose jurisdiction is not in the restricted list above.

The binding list is whatever is communicated on the Binance platform and may be amended.

Source: FSRA-approved prospectus (ADGM)

Binance bStocks Product Terms