BNB's Path to 10,000x Growth

Deng Tong, Golden Finance

On September 18, 2025, BNB surpassed the $1,000 mark, bringing its market capitalization to $139.78 billion. This surpasses companies like BHP Billiton ($136.91 billion), Pfizer ($115.09 billion), and BYD ($138.15 billion), ranking 155th in global asset market capitalization. As of press time, the price was $1,000.13, a 24-hour increase of 5%. In 2017, BNB was launched at a price of 2,700 BNB per 1 ETH, or 20,000 BNB per 1 BTC, equivalent to approximately $0.11 USD at the time. Eight years later, BNB has finally surpassed $1,000 USD, a complete transformation and a significant departure from its competitors.

I. From ICO to IEO: A 400x Debut with $0.10

Binance was officially founded in January 2017. From June 26th to July 3rd, Binance issued 200 million BNB tokens at a price of $0.10. On July 14th, Binance officially launched its cryptocurrency trading platform.

Since then, Binance has capitalized on favorable policies in the international market. In April 2017, Japan implemented an amendment to its Funds Settlement Act, recognizing Bitcoin as a means of payment, making it arguably the most dynamic region in the global crypto financial sector at the time. Binance quickly relocated its operations to Japan, a move that paved the way for Binance's internationalization. Binance began to focus on the global market, and the price of BNB continued to rise. Fueled by the 2017 bull market, BNB surpassed $20 in January 2018, representing a more than 200-fold increase from its issue price six months prior. In 2018, Binance launched its global expansion plan, expanding to Malta, Bermuda, Uganda, and Singapore. Since then, BNB's price has stabilized in the double digits. In January 2019, BNB reached a high of $37. In January 2019, Binance officially embarked on its Initial Coin Offering (IPO) journey, relaunching its asset issuance platform, Launchpad, marking the official launch of the IEO model on the Binance platform. IEOs quickly became a hot topic in the cryptocurrency market and a key fundraising method. In February 2019, the Binance Chain testnet launched. In April, Binance Chain and its decentralized exchange, Binance DEX, officially launched, with BNB becoming its native asset. BNB's use cases expanded from its initial 42 to over 180, and the number of holders exceeded one million. That year, a total of 5,321,482 BNB were burned, equivalent to approximately $207 million. In March 2020, BNB experienced its first price crisis. The rapid global spread of COVID-19 triggered fears of a global recession, sending risk assets, including cryptocurrencies, plummeting. By March 12th, major cryptocurrencies like BTC had plummeted, a phenomenon dubbed by industry insiders as the "March 12th Crash" or "Black Thursday." BNB also plummeted to $9.75. Following the plunge, the crypto market gradually recovered, and BNB's price returned to double digits. II. DeFi Summer + Crypto Bull Market: Two New Highs of $660 In June 2020, DeFi reached a peak on Ethereum, but the Ethereum network faced severe congestion and high gas fees, hindering user and developer engagement. In September, Binance launched Binance Smart Chain (BSC), building on the Binance Chain. Its high performance and low gas fees made it the world's second-largest public blockchain. Binance Smart Chain's compatibility with the Ethereum EVM (Ethereum Virtual Machine) allows for the migration of Ethereum projects, attracting numerous DeFi developers and fueling the continued growth of the DeFi summer. Since then, BNB has steadily risen, gradually breaking through the $30 and $40 levels after September, reaching around $40 by the end of 2020. In January 2021, BNB kicked off its year-long surge at $40. Just five months later, in May, BNB surpassed $660, and in November, it again surpassed $650. BNB's dramatic year-round growth is closely tied to the rapid development of Binance Smart Chain. The growing number of projects on Binance Smart Chain has fostered a coexisting ecosystem encompassing DeFi, NFTs, gaming, and infrastructure. As the native token of Binance Smart Chain, BNB plays a crucial role in the ecosystem. As the Binance Smart Chain ecosystem flourishes, demand for BNB has surged, driving its price significantly higher. Furthermore, BNB's deflationary mechanism also contributed to the market's rise. From January to March 2021, Binance conducted its 15th quarterly BNB burn, destroying 1,099,888 BNB tokens worth approximately $595 million, a record high. The reduction in BNB's market supply was bound to boost its price. From a macro perspective, the overall cryptocurrency market was bullish at the time. In 2021, the total market capitalization of the cryptocurrency market briefly exceeded $3 trillion, a more than threefold increase from approximately $750 billion at the end of 2020. BTC reached an all-time peak of approximately $69,000 in November 2021, and ETH also reached an all-time high of approximately $4,891 during the same period, both representing more than a two-fold increase from the end of 2020. The general rise in the crypto market also drove BNB's price upwards. In 2022, BNB's price began to decline. This year saw mixed fortunes for BNB. In February 2022, Binance announced that the former Binance Smart Chain (BSC) would be renamed BNB Chain and operated independently. In November, FTX collapsed, embroiling Binance in controversy. Furthermore, from a macroeconomic perspective, the Federal Reserve implemented tightening monetary policies, including interest rate hikes, to combat inflation. This tightened liquidity in global financial markets and reduced investor appetite for risky assets. Cryptocurrencies were significantly impacted, with their total market capitalization plummeting from nearly $3 trillion to below $1 trillion from the beginning of the year to the end. BNB's performance also fluctuated with the overall market. 2023 marked BNB's darkest hour. In March, the U.S. Commodity Futures Trading Commission (CFTC) sued Binance and its CEO, Changpeng Zhao, alleging they illegally provided cryptocurrency derivatives services to U.S. customers and facilitated illegal financial activities. BNB's price plummeted by over 5.5% on the day the incident unfolded. In April, the Australian Securities and Investments Commission (ASIC) revoked Binance's Australian derivatives license. In June, the SEC sued Binance and its CEO, Changpeng Zhao, alleging multiple violations. Since then, the price of BNB has fallen by approximately 25% to around $230. By mid-October, BNB's price had plummeted to around $200, a period of decline compared to its previous peak of over $660.

III. Regulatory tailwinds + DAT: Reaching $1,000

A golden fish is not meant to be confined to a pond; upon encountering storms, it transforms into a dragon. After 2024, BNB will steadily reach its peak.

On January 10, 2024, the SEC approved the first Bitcoin spot ETFs. On July 22, the SEC approved applications from multiple companies for Ethereum spot ETFs. The future of mainstream cryptocurrencies like BTC and ETH is becoming increasingly clear—traditional financial institutions are entering the crypto market at an unprecedented pace and with unprecedented enthusiasm. In November, Trump won the US presidential election and made numerous pro-cryptocurrency pronouncements, including statements about building a BTC reserve and ensuring the US becomes a Bitcoin superpower, earning him the title of "Crypto President." Driven by increasingly relaxed and clear regulatory policies, the crypto market has ushered in a new bull run, with BTC breaking through the $100,000 mark, a record high, and a surge in crypto prices. With the overall market rallying, many traditional businesses have also seen the new opportunities presented by cryptocurrencies and are beginning to build their treasury reserves. Bitcoin and Ethereum, two major cryptocurrencies, have been highly favored, and BNB, as a leading cryptocurrency, has benefited significantly from this. In September 2025, CEA Industries Inc., the "BNB version of MicroStrategy," increased its BNB holdings twice, bringing its total holdings to 418,888 BNB, valued at approximately $368 million. In August, digital asset investment firm B Strategy announced plans to list its BNB Treasury on Nasdaq, aiming to raise $1 billion. That same month, China Renaissance Capital announced it would invest approximately $100 million in a dedicated BNB asset allocation. In July, US-listed medical company Liminatus Pharma announced plans to raise $500 million for BNB investment. Yesterday, two news stories about Binance sparked further speculation about BNB. On September 17th, information on the X platform showed that CZ changed his profile from ex-@binance to @binance, possibly hinting at resuming his position at Binance. The same day, Bloomberg News, citing sources familiar with the matter, reported that the US Department of Justice is considering lifting Binance's requirement to be regulated by an independent compliance watchdog. If approved, it could ease Binance's regulatory and compliance pressures and further boost BNB's price. In addition to eye-catching industry events like treasury reserves and regulatory relaxation, the launch of a BNB-collateralized ETF and potential IPO are also boosting market confidence in BNB. On August 27th, REX-Osprey Asset Management plans to apply for SEC approval for a BNB-collateralized ETF, following the same path as the Solana Fund, with an expected launch in early November. This marks another step toward regulating BNB investment products in the US. On June 5th, Circle listed on the New York Stock Exchange, with its stock price soaring over 160% on its first day. Circle's surge demonstrates the unstoppable wave of crypto IPOs. As a leading industry figure, Binance's IPO is only a matter of time.

IV. Conclusion

BNB has experienced a 10,000-fold surge in value over eight years. From its initial ICO price of $0.1 to surpassing the $1,000 mark, BNB embodies the value and influence of leading exchanges. Perhaps no one can predict the future of BNB.