In this episode, Lex interviews David Namdar, the CEO of BNB Network, starting from his early 2012 meeting with Bitcoin, to his participation in founding Galaxy Digital and his current role leading BNB Network. Namdar reflects on the evolution of the interaction between traditional public markets and crypto assets, highlighting how regulatory barriers and speculative cycles shape market participation.
It also analyzes the rise of digital asset treasury companies (DAT), emphasizing how MicroStrategy under Michael Saylor was a pioneer in this model by converting $400 million of cash reserves into Bitcoin, with Bitcoin holdings now exceeding $75 billion.
They then discuss Binance's role in this ecosystem: with 290 million users, they represent about 40% of global cryptocurrency trading volume, using a quarterly burn mechanism of up to $2 billion, turning BNB into a deflationary asset.
Finally, Namdar shares why in the new DAT project, he chose to focus on BNB instead of Bitcoin, providing American investors exposure to an asset that was previously undervalued but strong.
1. Digital asset treasuries have become "crypto-embedded exchange-traded funds"
Public companies like MicroStrategy and MetaPlanet are converting their balance sheets into cryptocurrency holdings, providing indirect exposure to assets like Bitcoin, Ethereum, BNB, etc. Given the restrictions on ETFs or direct investment channels, this model attracts billions of dollars in funds, becoming a new investment gateway.
2. BNB has enormous global utility but is "severely undervalued" in the American market
BNB targets 290 million users, with quarterly token burns reaching $2 billion, making it one of the most widely used tokens globally. However, for American investors, it is almost inaccessible, creating a significant disconnect between market awareness and demand for the asset, providing a potential opportunity for public market investment tools around BNB.
3. Cryptocurrency market prices often rely on misunderstood and unsustainable incentive mechanisms
Namdar points out that expanding demand in previous cycles was driven more by rewards and nominal gains rather than creating real value. The lack of economic and financial literacy has intensified the pursuit of "surface returns," obscuring underlying fundamentals and undermining long-term sustainability.
