SNXXB, issued by BTech Holdings Limited, is a tokenized certificate over shares providing exposure to a leveraged single-stock U.S.-listed exchange-traded fund, offered under Binance's bStocks product. [S1]

Each SNXXB token tracks the live price of the Tradr 2X Long SNDK Daily ETF (SNXX), a U.S.-listed exchange-traded fund that seeks daily investment results, before fees and expenses, of 2x the daily performance of Sandisk Corporation (SNDK) common stock; SNXXB is a claim on this fund's price rather than on Sandisk shares directly. [S1] Because the fund's 2x exposure resets each trading day, its return over any period longer than a single day can diverge meaningfully, in either direction, from twice the period return of Sandisk stock due to daily compounding, particularly in volatile markets; SNXXB carries this same daily-reset characteristic since it tracks the fund's price 1:1. [S1] The underlying fund share is held with a regulated custodian, and holders convert between it and SNXXB at a 1:1 ratio with zero conversion fees, except during corporate actions or platform maintenance. [S1]

SNXXB is issued by BTech Holdings Limited, a Binance group affiliate, through an Approved Prospectus in the Abu Dhabi Global Market (ADGM), following approval by the Financial Services Regulatory Authority (FSRA). [S1] As a Certificate representing certain Financial Instruments under paragraph 92, Schedule 1 of the Financial Services and Markets Regulations, SNXXB does not represent direct ownership of the underlying fund and carries no affiliation with its issuer, Tradr, or with Sandisk Corporation. [S1] Access is limited to eligible non-U.S. users on a secondary-market basis, with conversion to and from the underlying fund share executed through broker-dealer Nest Trading Limited. [S1]

SNXXB is issued as a BEP-20 token on BNB Chain (BNB Smart Chain), compatible with BNB Chain wallets and onchain applications, with minting and redemption governed by the issuer's bStocks Minting and Redemption Product Terms. [S1]

<Sources
  retrievedAt="2026-07-28"
  items={[
    { id: "S1", url: "https://www.adgm.com/financial-services-regulatory-authority/listing-authority/official-list-of-securities" },
  ]}
/>


# Circulating asset market cap methodology

## 1. Overview

Circulating asset market cap measures the total value that has been tokenized onchain for a specific asset. It is calculated by multiplying the circulating supply of the asset by its end-of-day market price. For stablecoins, this metric represents the total outstanding supply; for tokenized funds, it reflects the onchain assets under management (AUM); and for tokenized stocks, it measures the total supply of shares issued onchain.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering Ethereum, Arbitrum, Base, Polygon, Optimism, and others
- **Solana instructions**: SPL token `Mint` and `Burn` instructions
- **Other blockchain data**: Issuance and redemption events from Aptos, Near, Polkadot Asset Hub, and Stellar
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Identification of supply changes

- **Purpose**: Identify all onchain events that increase or decrease the total supply of an asset
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed to identify mints (where the sender is the zero address) and burns (where the recipient is the zero address). On Solana, SPL token `Mint` and `Burn` instructions are retrieved. On other chains, such as Aptos or Polkadot Asset Hub, equivalent issuance and destruction events are identified from the respective asset programs or pallets.
- **Key fields**: `amount` (quantity of tokens), `token_address` (unique asset identifier), `timestamp` (time of the event)

### Component B: Normalization and daily supply aggregation

- **Purpose**: Convert raw event data into a continuous daily circulating supply time series
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. The daily circulating supply is determined by calculating the cumulative sum of all identified mint and burn events for each asset. For days where no onchain activity occurs, the supply value is filled with the last known value to ensure a continuous daily record.
- **Key fields**: `amount` (normalized quantity), `timestamp` (truncated to daily grain)

### Component C: Final market cap calculation

- **Purpose**: Combine supply data with market prices to determine the total USD value
- **Logic**: The daily circulating supply is multiplied by the end-of-day market price sourced from market data providers. Data is aggregated across all supported chains to provide a comprehensive view of the asset's onchain presence. The final USD conversion is applied: `amount_usd = amount × price_usd`.
- **Key fields**: `price_usd` (end-of-day market price), `amount_usd` (final circulating market cap)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Circulating asset market cap

Tokenized stocks

twitter

website

terms

Real-world asset (RWA) issuers

Binance bStocks

Tradr 2X Long SNDK ETF (bStocks Tokenized Stock) (SNXXb) is a token tracking the underlying shares, backed by dedicated collateral and issued by Binance bStocks through Btech Holdings Ltd and distributed through BTech Services Limited with Nest Trading Limited as broker.

Each token tracks one underlying share, entitles holders to dividends, which are distributed as additional tokens, carries no voting rights, and carries an annual fee of 0%.

The collateral assets are held by Alpaca Securities LLC in segregated accounts within a bankruptcy-remote structure.

Residents of the United States cannot mint or redeem with Binance bStocks.

Btech Holdings Ltd is incorporated in the United Arab Emirates, is regulated in Abu Dhabi's ADGM, and is supervised by the Financial Services Regulatory Authority.

Holder terms are governed by the law of the United Arab Emirates.

SNXXb has been issued on BNB Chain as an ERC-20 token since July 2026.

Tradr 2X Long SNDK ETF (bStocks Tokenized Stock)SNXXb