The bankruptcy didn't destroy $200B of value. It transferred it. The estate sold SBF's portfolio at the bottom, VCs and insiders bought it, and FTX depositors were made whole in 2022 dollars while the buyers rode the AI rally.

Excited to welcome Brent to $BNC. His expertise in financial reporting, internal controls and capital markets activities positions him well to help strengthen the governance and operational foundation that will support our BNB treasury strategy and enhance value for shareholders. Full release: bit.ly/4b0Iiaq

Why BNB as a treasury asset? • Top 4 largest crypto by market cap ($83.5BN) • Deep DeFi ecosystem with proven infrastructure • Binance's global institutional reach • Growing adoption for payments & enterprise use cases We're building the blueprint for BNB treasury management.

Crypto markets have been challenging. For those of us who have navigated prior cycles, these periods are familiar. They are uncomfortable, but they are also where long-term value tends to be shaped. The companies and investors that maintain discipline through downturns that preserve balance sheet strength and allocate capital thoughtfully are consistently the ones that emerge stronger. BNB remains at the center of one of the largest exchange ecosystems globally, with real utility across transaction fees, network participation, and on-chain activity. Our conviction in the asset and the broader strategy remains firm. Read more: bit.ly/4s4fEuC

Letter to stockholders We've been quiet during the consent process. Here's where we stand: • Clean Balance Sheet (no material debt, no convertible notes) • Conviction in BNB unchanged • Continued execution through volatility • New Independent Directors Discipline during downturns = strength on the other side. No material leverage gives us optionality. Full letter: bit.ly/4s4fEuC