In this episode, Lex speaks with David Namdar - CEO of the BNB Network Company, kicking off with his journey from early Bitcoin adoption in 2012 to co-founding Galaxy Digital and now leading the BNB Network Company. Namdar explains the evolution of public markets’ engagement with crypto, highlighting how regulatory hurdles and speculative cycles shaped market participation. He outlines the rise of Digital Asset Treasury (DAT) companies, crediting Michael Saylor’s MicroStrategy for pioneering the model by converting $400 million in cash to Bitcoin - now holding over $75 billion in BTC. We examine how Binance, with 290 million users and 40% of global crypto volume, supports BNB as a deflationary asset, burning up to $2 billion per quarter. Finally, Namdar shares why BNB, not Bitcoin, is the focus of his new DAT initiative, offering U.S. investors exposure to an underrepresented but powerful asset.

NOTABLE DISCUSSION POINTS:

1. Digital Asset Treasuries Are Emerging as Crypto ETFs in Disguise: Public companies like MicroStrategy and MetaPlanet are turning their balance sheets into crypto holdings, offering indirect exposure to Bitcoin, Ethereum, and BNB. This model is attracting billions and creating a new on-ramp for investors -especially where ETFs or direct access are limited.
2. BNB Is Massively Used Yet Underrepresented in U.S. Markets: With 290 million users and up to $2B in quarterly token burns, BNB is one of the most used tokens globally. Yet it’s largely inaccessible to U.S. investors, creating a major disconnect and a potential opportunity for BNB-focused public vehicles.
3. Crypto Booms Often Rely on Misunderstood, Unsustainable Incentives: Namdar highlights how past cycles inflated demand through staking rewards and nominal yields, not real value. A lack of economic literacy continues to fuel hype over fundamentals, risking long-term sustainability.

TOPICS

BNB Network Company, Binance, BNB, Galaxy Digital, SolidX Partners, MicroStrategy, Bitcoin, Bitcoin treasury, Ethereum, Digital Asset Treasury, DAT, treasury, crypto, convertible debt, tokenomics, crypto treasury, capital markets

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TIMESTAMPS

1’09: Building the Crypto Investment Bank: Taking Digital Assets to Public Markets

4’43: Why Going Public Matters: Crypto Firms, Capital Access, and Market Credibility

7’28: From Fintech to DeFi: How U.S. Markets Mispriced the Crypto Transition

11’07: Real Yield vs. Hype: Why Crypto Markets Keep Getting It Wrong

14’36: The Rise of Digital Asset Treasuries: How Crypto Became a Corporate Balance Sheet Strategy

18’28: Financial Engineering in Crypto Treasuries: How Convertible Debt Fueled Massive Bitcoin Accumulation

22’23: Boom, Hype, Exhaustion: The Capital Cycle Behind Crypto Treasuries

28’52: From Foundations to Public Markets: Why BNB Is the Next Big Treasury Bet

33’25: BNB by the Numbers: Inside the Tokenomics of the World’s Largest Crypto Exchange

39’18: Premiums, Discounts, and Buybacks: Managing Value in Crypto Treasury Stocks

44’41: The channels used to connect with David & learn more about BNB Network Co.

Disclaimer here — this newsletter does not provide investment advice and represents solely the views and opinions of FINTECH BLUEPRINT LTD.

Contributors: Lex, Laurence, Matt, Farhad, Mike, Daniella

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