bStocks (certificates by BTech Holdings Ltd, a Binance group company, ”B” tickers)
Subscribers see which of their clients hold this program and whether each household qualifies under these terms, and Ketju emails them when the file changes. $299 per firm per month, first 30 days free.
The verdict is on the memo: bStocks (BTech Holdings, Binance group) Not approved
Other programs tokenize the same securities. Every version side by side: CRCL, SPCX, MSTR, MU, NVDA, GOOGL, DRAM.
Eligibility
Each answer quotes the issuer’s own words from the document named under it. Ketju reads each document again and records whether the words are still there. Where the documents say nothing, the row states that.
- What the holder owns
The holder has a beneficial interest in one share held by Alpaca in the issuer’s segregated account, which BTech holds on trust. The holder does not own the share itself and has no vote.
“The Issuer holds its beneficial interest in the Underlying on trust for the benefit of Certificate holders in accordance with the terms of this Prospectus.”
BTech Holdings Ltd, Prospectus for SpaceX bStocks Certificates (FSRA approved 12 June 2026) · Section 15.2, Nature of the Certificates (p. 62) · words found 2026-09-23
- Who may hold it
No US persons and no one in the United States; new certificates go only to Binance users located in the ADGM, and resale is barred in a list of Restricted Jurisdictions.
“may not be offered, sold or otherwise transferred (i) within the United States or (ii) to, or for the account or benefit of, any U.S. Person”
BTech Holdings Ltd, Prospectus for SpaceX bStocks Certificates (FSRA approved 12 June 2026) · Cover page, Important Notice (p. 1) · words found 2026-09-23
- First purchase minimum
The documents state no minimum; holders buy, hold and redeem certificates in fractions.
“Certificates may be subscribed for, purchased, held, transferred and redeemed in fractional amounts.”
BTech Holdings Ltd, Prospectus for SpaceX bStocks Certificates (FSRA approved 12 June 2026) · Section 3.1, Nature of the Securities (p. 14) · words found 2026-09-23
- Who it may be transferred to
Transfers run off chain inside Binance NCCL or on chain on BNB Chain, and every on-chain transfer passes the issuer’s compliance check.
“Certificates are intended to be transferable within the CSD environment operated by Binance NCCL (off-chain) and by on-chain transfer on the BNB Chain, subject to applicable restrictions and platform rules.”
BTech Holdings Ltd, Prospectus for SpaceX bStocks Certificates (FSRA approved 12 June 2026) · Section 3.2, Transfer and trading (p. 14) · words found 2026-09-23
- How a holder redeems
Redemption for the share runs only through Nest Trading Limited on the Binance Platform, or directly for selected market makers. A holder must first deliver a token held on chain back into the CSD.
“Certificates cannot be redeemed off the Binance Platform without Nest Trading Limited as Redemption Agent, other than by select Market Makers who are permitted to redeem Certificates directly from the Issuer.”
BTech Holdings Ltd, Prospectus for SpaceX bStocks Certificates (FSRA approved 12 June 2026) · Section 23.2, Redemption mechanics (p. 79) · words found 2026-09-23
- Who keeps the official record
Binance NCCL’s CSD Master Ledger is the record of title, for tokens on chain as well as inside the CSD; the blockchain does not establish title.
“the primary record of title for all Certificates, whether held within the CSD environment or on-chain”
BTech Holdings Ltd, Prospectus for SpaceX bStocks Certificates (FSRA approved 12 June 2026) · Definitions, ”CSD Master Ledger” (p. 5) · words found 2026-09-23
- What the issuer says it can freeze or take back
The issuer may freeze, pause, rescind transfers, and cancel certificates with or without payment. On chain, the deployed contract has functions to block an address and pause transfers, and a single key can upgrade it.
“cancelling any or all Certificates and/or any purported rights of Eligible ADGM Subscribers and Eligible Secondary Investors, with or without payment.”
BTech Holdings Ltd, Prospectus for SpaceX bStocks Certificates (FSRA approved 12 June 2026) · Section 21.3, Restrictions on Transferability (p. 72) · words found 2026-09-23
| Fact | Answer |
|---|---|
| Who onboards the holder | distributor |
| Voting rights | None |
| Distributions | reinvested |
| SIPC coverage of the wallet | No |
Who controls it
Ketju read these powers from the deployed contracts and their verified source code: the token and every contract it checks on a transfer. A power listed here is something the issuer can do; it does not mean the issuer has used it.
| Token | Chain | Freeze a holder | Pause | Claw back | Gate holders | Change the code | Keys held by |
|---|---|---|---|---|---|---|---|
| SPCXB | BSC | Yes | Yes | No | Yes | Yes | A single key can change the code with no delay. |
Who holds the keys
Ketju read every current holder of each power from the chain on 2026-09-23. A single key is one private key, and whoever holds it acts alone. A multisig needs the stated number of signers. A timelock delays every action, so holders can see it before it takes effect.
| Token | Chain | Key | What it can do | Held by | Address |
|---|---|---|---|---|---|
| SPCXB | BSC | Beacon owner | change the code | a single key | 0x4333…8d0c |
Ketju could not read the role holders on BSC from the public event indexes on its last check. The table shows only what Ketju confirmed.
BSC SPCXB: 1 contract read, 4 functions in verified source, 2026-09-23
- compliance()=0x53dba7aabde774787a1f57236b235567da8e14f4
- compliance in verified source 0xcfed…4e46
- addToBlocklist in verified source 0x53db…14f4
- pauseManager in verified source 0xcfed…4e46
- mint in verified source 0xcfed…4e46
Where it trades
| Venue | Kind |
|---|---|
| Binance Platform via Nest Trading Limited (Minting Agent and Redemption Agent) | issuer primary |
| Binance Exchange: the Recognised Investment Exchange and the MTF operated by Nest Exchange Limited (ADGM) | exchange |
| PancakeSwap and Uniswap pools on BNB Chain | dex |
Redemption
| Route | Settlement | Fee | Settles in |
|---|---|---|---|
| Redeem in kind | Redemption Order through Nest Trading Limited on the Binance Platform: Alpaca moves the share from the issuer’s segregated account to the holder’s sub-account in the NTL omnibus account, and then the certificate is burned. The documents state no timeframe, and the issuer or agent may reject, cancel or suspend an order without reasons. There is no redemption fee today. | 0 bps | underlying shares |
| Secondary market only; no issuer redemption | Holders sell on the Binance Exchange (RIE in UAE hours, MTF at other times) against market makers, settled in USDC by Binance NCCL, or trade on BNB Chain DEXs after a Delivery-out. A holder cannot redeem a token held on chain until a Delivery-in, which may be refused. | USDC, USDT |
- The beacon 0x156d6dce9a4f6139a3406f1f021f1a4880de93a3 points at a new implementation, or its owner 0x4333daf4481f281f3d3d2b8735ce80bc00028d0c changes
- An implementation adds a burn or transfer that can take tokens from a holder without the holder’s signature
- The compliance contract blocks a holder address, or the pause manager pauses any bStocks token
- BTech cancels or rescinds certificates under the transfer-restriction terms, with or without payment
- The securities borrowing agreement between Binance NCCL and Alpaca is recalled while initial certificates are outstanding, or redemptions are suspended
- A prospectus in this file lapses (the first expire 10 June 2027) and is not replaced, or a Supplementary Prospectus changes the terms
- The Restricted Jurisdictions list changes, or bStocks open to US persons
- Custody moves from Alpaca, or bStocks issue on a chain other than BNB Chain
Daily checks
Every day Ketju reads each control function in the table above and the contracts the token checks on a transfer. Ketju compares the token’s on-chain supply with yesterday’s, and its market quote with yesterday’s quote. Ketju also reads every document quoted above and reviews the file again if a quoted passage disappears from its document. Ketju counts a new, removed, or changed key as a change only when the chain’s own log shows the grant, revocation, or signer change since yesterday. If the log does not show it, Ketju updates the key list in this file and does nothing more. A change opens a review before any client action. Subscribers get an email that names each of their clients who hold the token, with the household result.
File history
Ketju has not revised this file since filing it. If Ketju revises it, the earlier version stays as published, with the reason.
| Date | Change |
|---|---|
| 2026-09-23 | Filed. |
Sources
- BTech Holdings Ltd, Prospectus for SpaceX bStocks Certificates (FSRA approved 12 June 2026) · primary · accessed 2026-09-23
Supports: issuer and group structure, beneficial interest held on trust, CSD Master Ledger is the record of title, Reg S; US persons barred, Restricted Jurisdictions list, fractional, no minimum, redemption only through Nest Trading, on-chain tokens not redeemable until Delivery-in, freeze, pause, rescind, cancel with or without payment, initial certificates backed by borrowed shares, Alpaca custodian and broker, underlying listed on Nasdaq - BTech Holdings Ltd, Prospectus for Circle Internet Group bStocks Certificates (FSRA approved 11 June 2026) · primary · accessed 2026-09-23
Supports: CRCLB certificate ISIN AE000A4AU3B0, underlying ISIN US1725731079, same terms as SPCXB - BTech Holdings Ltd, Prospectus for Strategy bStocks Certificates (FSRA approved 23 June 2026) · primary · accessed 2026-09-23
Supports: MSTRB certificate ISIN AE000A4AU3A2, same terms as SPCXB - BTech Holdings Ltd, Prospectus for Micron Technology bStocks Certificates (FSRA approved 11 June 2026) · primary · accessed 2026-09-23
Supports: MUB certificate ISIN AE000A4AVAY2, same terms as SPCXB - BTech Holdings Ltd, Prospectus for NVIDIA bStocks Certificates (FSRA approved 11 June 2026) · primary · accessed 2026-09-23
Supports: NVDAB certificate ISIN AE000A4AVAZ9, same terms as SPCXB - BTech Holdings Ltd, Prospectus for CEA Industries bStocks Certificates (FSRA approved 14 September 2026) · primary · accessed 2026-09-23
Supports: BNCB certificate ISIN AE000A4AWN91, same terms as SPCXB - BTech Holdings Ltd, Prospectus for Alphabet bStocks Certificates (FSRA approved 6 July 2026) · primary · accessed 2026-09-23
Supports: GOOGLB certificate ISIN AE000A4AVFX3, same terms as SPCXB - BTech Holdings Ltd, Prospectus for Roundhill Memory ETF bStocks Certificates (FSRA approved 6 July 2026) · primary · accessed 2026-09-23
Supports: DRAMB certificate ISIN AE000A4AVME9, certificates over ETF units, same terms as SPCXB - ADGM FSRA Listing Authority: Approved Prospectuses · primary · accessed 2026-09-23
Supports: BTech Holdings Limited named as issuer of every bStocks prospectus, 80 bStocks prospectuses from 11 June to 22 September 2026, Certificates over Shares - BNB Chain eth_call reads of name(), symbol() and identifier() on the eight contracts (public endpoint bsc-dataseed.bnbchain.org, listed here) · primary · accessed 2026-09-23
Supports: each contract’s identifier() returns its prospectus ISIN, one beacon 0x156d6dce9a4f6139a3406f1f021f1a4880de93a3 for all eight, one compliance contract 0x53dba7aabde774787a1f57236b235567da8e14f4, beacon owner is a single key, role holders by getRoleMember - SecuritiesToken implementation on BNB Chain (Sourcify exact match) · primary · accessed 2026-09-23
Supports: burn only from the caller, compliance check on every transfer, pause manager, ISSUER_ROLE mint, ERC-8056 multiplier - Binance Academy: What Are bStocks? A Guide to Tokenized Stocks on Binance · primary · accessed 2026-09-23
Supports: issued by BTech Holdings Limited, not offered to US persons, from as little as $5, BNB Smart Chain withdrawals only, issuer may blacklist addresses - Binance: Binance Exchange Launches bStocks Tokenized Securities (PR Newswire, 12 June 2026) · primary · accessed 2026-09-23
Supports: BTech Holdings Limited, a Binance group affiliate, not stocks or shares, not offered to US persons - CoinGecko: bStocks Ecosystem category · secondary · accessed 2026-09-23
Supports: 72 tokens listed, market capitalization used to pick the eight largest, homepage binance.com/bstocks-landing