bStocks are tokenized certificates over selected U.S. stocks and ETFs, issued by BTech Holdings Ltd, a special purpose vehicle incorporated in the Abu Dhabi Global Market (ADGM) and part of the Binance group. The product launched on Binance in June 2026 after the ADGM Financial Services Regulatory Authority approved the issuer's prospectuses; each bStock is a BEP-20 token on BNB Chain backed 1:1 by the underlying share held with custodian Alpaca. Tokens can be held on Binance, withdrawn to self-custody and used in supported DeFi applications, but the offer is made only in the ADGM, U.S. persons are prohibited under Regulation S, and transfer restrictions with freeze capability are embedded in the token contract.
Leadership:Richard Teng (Co-CEO, Binance); no dedicated BTech Holdings leadership disclosed
Entity structure
Issuer: BTech Holdings Ltd (SPV, ADGM). Manager/tokenizer: BTech Services Limited (ADGM). Conversion counterparty and redemption agent: Nest Trading Limited (ADGM, Abu Dhabi). Exchange: Nest Exchange Limited; clearing/CSD: Nest Clearing and Custody Limited (both ADGM, Binance group). Underlying U.S. shares custodied with Alpaca in an omnibus account.
Regulation
Issuer prospectuses approved by ADGM Financial Services Regulatory Authority (FSRA); bStocks classified as Certificates under paragraph 92, Schedule 1 of ADGM FSMR. Distribution via Nest Trading Limited (FSRA FSP 260000), Nest Exchange Limited (Recognition Order 0072) and Nest Clearing and Custody Limited. Not registered under the U.S. Securities Act; offered outside the U.S. under Regulation S.
Compliance
Access ModelPermissionless 36Permissioned 0
Of 36 assets
Attested36 of 36
KYC to mint or redeem36 of 36
Allowlisted to holdunknown
Transferable36 of 36
Self custody36 of 36
Redeemable36 of 36
OracleBinance Proof of Collateral (aggregate bStocks family dashboard); BTECH segregated custody attestation under ADGM FSRA rules
Revenue modelHybrid - zero-fee 1:1 mint/redeem conversion; revenue from trading fees and embedded spread/FX on the underlying shares leg (Nest Trading) and Binance exchange trading fees
ConfidenceIssuer-Disclosed
Mint fee0 bps
Redemption fee0 bps
Float incomeNo
Fees last verified2026-07-20
Conversion Terms state Nest Trading charges no fee for share-to-token or token-to-share conversion; fees, embedded spreads and FX charges apply on the securities trading leg per the Securities Trading Fee Schedule. Dividends and corporate actions pass through to holders (subject to U.S. withholding tax).
How the estimate is built
Verification method: Binance official PR (2026-06-12) and the bStocks Conversion Product Terms PDF on binance.com
bStocks
