Binance.US is looking for money. Bloomberg reported today that it plans to raise up to $100 million in a private funding round, at a target valuation of only about $1 billion. When it raised $200 million in April 2022, its pre-money valuation was $4.5 billion—nearly an 80% drop this time around.
Breaking it down, these figures are really all about the same thing: the market has repriced what a U.S. license is worth. After the SEC sued in 2023, its dollar banking channels were cut off and revenue fell 75%; the case was only dismissed this May, and maker fees were also cut to 0.02%.
What I’m watching is where the final number lands: below $1 billion means it’s still trading at a discount; holding above $1 billion would be a sign of a real recovery. $BNB The real story isn’t this subsidiary—I’m interested in whether Binance itself can enter the U.S.
Do you think this round will go through, or will the valuation get slashed again?
Breaking it down, these figures are really all about the same thing: the market has repriced what a U.S. license is worth. After the SEC sued in 2023, its dollar banking channels were cut off and revenue fell 75%; the case was only dismissed this May, and maker fees were also cut to 0.02%.
What I’m watching is where the final number lands: below $1 billion means it’s still trading at a discount; holding above $1 billion would be a sign of a real recovery. $BNB The real story isn’t this subsidiary—I’m interested in whether Binance itself can enter the U.S.
Do you think this round will go through, or will the valuation get slashed again?