BNB Plus (NasdaqCM:APDN) Conference January 27, 2026 01:00 PM ET Company ParticipantsJosh Kruger - Chair of the BoardPatrick Horsman - Chief Investment OfficerModeratorOn behalf of Virtual Investor Conferences, we are very pleased you've joined us for our Digital Asset Conference. Our last presentation of the day is from BNB Plus. Please note you may submit questions for the presenter in the box to the left of the slides. You can also view a company's availability for one-on-one meetings by clicking Book a ...

Bitcoin & DeFi Integration - Re7's Bitcoin Yield Strategy is now accessible on Starknet [1] - Users can earn yield on Bitcoin while maintaining liquidity [1] - The strategy is available through a tokenized version of the fund [1]

Core Insights - Over 160 publicly listed companies have adopted bitcoin as a core treasury strategy, collectively holding nearly a million BTC, which is about 4% of the circulating supply [1] - The initial phase of bitcoin treasury companies was characterized by narrative and replication, with MicroStrategy's strategy serving as a key example [2] - The sustainability of premium multiples based solely on storytelling and BTC holdings is questioned, indicating a need for companies to justify NAV multiples above one in more durable ways [3] Group 1: Current Landscape - Companies are trading based on their ability to deliver bitcoin per share rather than traditional earnings or cash flow [1] - Most companies have achieved market capitalizations above Net Asset Value (mNAV) multiples greater than one [1] Group 2: Future Strategies - Lever One: Yield as an Edge - Bitcoin treasury firms must demonstrate the ability to generate incremental Bitcoin per share through strategies like BTC-backed lending or Lightning infrastructure [4] - Yield strategies may involve locking up BTC in payment channels to collect fees, but they carry risks such as credit and counterparty risk [5] - Without a yield engine, dilution could lead to mNAV compressing toward one [5] Group 3: Risk Management - Lever Two: Leverage (Risk-Weighted) - Successful companies in the last bear market structured capital to survive forced liquidation rather than relying on large balance sheets [6] - Some BTC treasury companies are considering using their BTC as collateral for BTC-backed loans to obtain USD, which can be used for yield generation or purchasing more Bitcoin [6] - This approach requires rigorous risk management and cash flow modeling, emphasizing the importance of raising capital at a premium and maintaining long maturities [6]

Depeg Risk & Yield Impact - usdai 交易低于其目标价格，使 Pendle PT-usdai 宣传的 29.1% 年化收益率 (APY) 成为泡影 [1] - 如果 usdai 的交易价格为 0.96 美元，即使最初预期收益率为 29.1%，实际收益率也会下降至 24% [1] - Depeg 风险会压缩建立在其之上的每一种收益策略 [1] Market Behavior - 5 亿美元在几分钟内被填满，表明市场参与者可能没有充分评估风险 [1]

Strategy Announcement - Re7 Capital launches an institutional-grade strategy to transform Bitcoin into a yield-bearing asset on Starknet [1] - The strategy aims to make Bitcoin a productive asset [1] Technology & Platform - The strategy utilizes the Starknet platform [1] Asset Management - The strategy focuses on transforming Bitcoin from a static store of value [1]

DeFi Yield Strategies - The document discusses DeFi yield strategies [1] Industry Focus - The industry focuses on decentralized finance (DeFi) and yield generation [1]