BNC fell 15.62% at the U.S. market close on September 10 and was quoted at $4.45 after hours, while BNC4, an on-chain token associated with BNC on BSC, traded at $5.78, or about 29.9% above the stock. Jiang Zhuoer, founder of the B.TOP mining pool, said he had bought a roughly 5% BNC position near $4.5 and planned to add if the price declined. He put BNC's mNAV at about 49%, with the company holding approximately $400 million of BNB against a market capitalization below $200 million. Jiang said a positive BNC-Meme trading cycle could provide additional upside, but warned against using futures because of BNC's high volatility. He said he financed his purchase by borrowing USDC against ETH collateral and bought BNC shares directly through Binance bStock. BNC4 has previously shown wider price dislocations, including a reported period when it reached $35 while BNC traded near $5, creating arbitrage opportunities.