In September 2025, the cryptocurrency market reached an important milestone: the market value of Binance Coin (BNB) surpassed 130 billion USD, which, according to the exchange rate on that day, exceeds the total market value of China's new energy vehicle giant BYD at 965.602 billion RMB (approximately 13.2274 billion USD), making it the 167th largest asset by market value globally. This breakthrough not only marks an enhancement in the status of crypto assets within the global value system but also sparks deep reflections on the valuation systems of the digital economy versus traditional manufacturing.
The Rise in Value of BNB: From Platform Coin to Global Asset
This milestone for BNB is not accidental but the result of years of ecosystem construction and market recognition. Data shows that BNB's market capitalization started at approximately 87.55 billion USD in 2024 and surpassed 130 billion USD by September 2025, with an increase of 48.5%, showcasing strong growth momentum. This growth trajectory is the result of multiple factors working together.
The strengthening of the deflationary mechanism is one of the core drivers of BNB's value enhancement. In the first quarter of 2025, BNB implemented a historic token burn action, eliminating 800 million BNB at once, with an estimated value of over 5 billion USD based on the market conditions at that time. This 'real-time burn' mechanism creates a self-reinforcing cycle — the higher the trading activity, the greater the burn amount, and the higher the scarcity and value of the remaining BNB. In the fourth quarter of 2024, BNB's burn amount reached a new high of 2.6 million (approximately 1.82 billion USD), setting a historical record.
Technological breakthroughs have injected continuous vitality into the BNB ecosystem. In February 2025, BNB Chain released its technical roadmap, aiming to shorten block time from three seconds to sub-second levels while increasing daily transaction processing capacity to 100 million. By September, these technical upgrades had shown results, with BNB Chain's block confirmation time compressed to 0.75 seconds, greatly enhancing the immediacy of on-chain transactions. The launch of the zkBNB testnet further enhanced the network's scalability and privacy protection capabilities, attracting more developers and projects.
Ecosystem expansion has built a solid value foundation for BNB. As the core of the Binance ecosystem, BNB has various practical functions within the ecosystem: used to offset transaction fees, participate in Launchpad project subscriptions, and serve as a gas fee token, among others. Data from 2025 shows that projects funded through Launchpad have an average return rate of up to 800%, far exceeding traditional ICO channels. Meanwhile, decentralized finance (DeFi) activities on the BNB Chain are thriving, with over 60% of emerging DeFi projects choosing to issue tokens on Binance Chain rather than the traditional Ethereum network, leading to a surge in demand for BNB as a gas fee token.
The massive inflow of institutional funds has provided strong support for BNB's price. Several Nasdaq-listed companies have publicly announced large purchases of BNB, among which CEA Industries Inc.'s BNB Network Company has reached a total holding of 325,000 BNB. More notably, the entry of large institutional investors such as Asian hedge funds and Middle Eastern sovereign funds has greatly enhanced market liquidity and stability. The establishment of BNB Treasury Company, co-initiated by YZi Labs and 10X Capital, has provided a professional channel for traditional financial capital to enter the BNB ecosystem.
BYD's market value pattern: steady progress of a manufacturing giant
At the same time, the market value performance of BYD, a leading company in China's new energy vehicles, is relatively stable. As of September 12, 2025, BYD's total market value was 965.602 billion RMB, approximately 132.274 billion USD at the current exchange rate, slightly higher than BNB's 130 billion USD. This market value level is basically flat compared to 960.314 billion RMB at the beginning of August 2025, reflecting the market's stable valuation of BYD.
Despite the slowdown in market value growth, BYD continues to perform strongly at the business level. The financial report for the first half of 2025 shows that BYD achieved revenue of 371.3 billion RMB, a year-on-year increase of 23%; the net profit attributable to the parent company was 15.5 billion RMB, a year-on-year increase of 14%. In terms of sales, BYD's global sales from January to July reached 2.49 million units, a year-on-year increase of 27%; overseas sales (passenger cars and pickups) reached 550,000 units, a year-on-year increase of over 130%, ranking first in new energy sales in several countries, including Italy and Turkey.
BYD's core competitiveness lies in its vertically integrated industrial chain advantages. In-house developed blade batteries, DM-i super hybrid systems, e-platform 3.0, and other core technologies not only reduce dependence on external suppliers but also increase revenue sources through technological output. In the first half of 2025, BYD's gross profit margin remained around 22%, higher than the industry average by 5-8 percentage points, enabling it to maintain profitability resilience even in price wars due to this 'technology + scale' dual advantage.
In terms of R&D investment, BYD invested 30.9 billion RMB in R&D in the first half of the year, a year-on-year increase of 53%, ranking first among A-share listed companies in R&D investment. Cumulative R&D investment exceeded 210 billion RMB, with over 65,000 global patent applications and over 39,000 global patent grants. The release of several disruptive technologies such as the Tian Shen Zhi Yan driver assistance system, super e-platform megawatt fast charging, and the Ling Yuan in-car drone system in the first half of 2025 demonstrates the company's continued efforts in technological innovation.
A new coordinate in the global asset market value structure
BNB ranks 167th in the global asset market value, a position that holds special significance in the global asset landscape. According to the Hurun Global High-Quality Enterprises TOP1000 list released in January 2025, this market value level is between the 192nd-ranked US tower (635 billion RMB) and companies with higher rankings, surpassing many well-known multinational companies.
From the perspective of industry distribution, the assets with the highest global market capitalization are still dominated by tech giants. PwC's 2024 global top 100 market capitalization rankings show that companies like Microsoft, Apple, and Nvidia occupy the forefront, with the highest market capitalization among the top 100 companies at 3,126 billion USD and the lowest at 141 billion USD. Although BNB has not yet entered the top 100, its market value has surpassed traditional giants like Nike (1,000 billion RMB) and SoftBank (650 billion RMB), reflecting the rise of cryptocurrencies.
In the cryptocurrency field, BNB has become the fourth largest cryptocurrency after Bitcoin, Ethereum, and XRP. Its market capitalization comparison with traditional financial assets is even more meaningful: a market value of 130 billion USD has surpassed that of China Merchants Bank (770 billion RMB) and is close to CATL (820 billion RMB), reflecting the market's increasing recognition of the value of cryptocurrencies.
It is worth noting that the methods for calculating market capitalization differ among various types of assets. The market capitalization of cryptocurrencies is calculated based on the total circulation multiplied by the current price, while the market capitalization of traditional enterprises is based on the stock price multiplied by the total share capital. This difference limits direct comparisons but also reflects the varying logic of market value assessment for digital assets and traditional enterprises.
The value dialogue between digital assets and manufacturing industry
The market value comparison between BNB and BYD essentially reflects the differences in value creation models between the digital economy and traditional manufacturing. As the core asset of the cryptocurrency ecosystem, BNB's value comes from network effects, technological innovation, and ecosystem applications, while BYD, as a manufacturing giant, bases its value on physical products, supply chain efficiency, and market share.
From the perspective of growth drivers, BNB's market value growth relies more on ecosystem expansion and technological breakthroughs. Binance's spot trading market share remains steady at 65%, with platform revenue feeding back into BNB's value; the total locked value (TVL) on the BSC chain exceeds 30 billion USD, deepening the ecosystem revenue-sharing model. In contrast, BYD's growth depends on increasing sales, technological innovation, and global layout. In the first half of 2025, its brands such as Fangcheng Leopard, Tengshi, and Yangwang achieved total sales of over 160,000 units, a year-on-year increase of 75%, demonstrating the effectiveness of its diversified brand strategy.
In terms of risk characteristics, the two show significant differences. BNB, as a cryptocurrency, has high price volatility, significantly influenced by market sentiment, regulatory policies, and technological changes. In August 2025, BNB reached an all-time high of $881 before experiencing a pullback, demonstrating the high volatility of cryptocurrencies. In contrast, BYD, as a mature manufacturing enterprise, has relatively stable market value fluctuations, reflecting more of the macroeconomic environment, industry competition, and changes in the company's fundamentals.
From the perspective of market positioning, BNB benefits from the accelerated global cryptocurrency adoption and the inflow of institutional funds. If the BNB ETF application submitted by the well-known American investment company VanEck can pass regulatory approval smoothly within 2025, it will completely open up the funding channels between traditional capital markets and the cryptocurrency field. BYD, on the other hand, benefits from the growth of the global new energy vehicle market and the broader trend of upgrading China's manufacturing industry, with its rapid expansion in overseas markets becoming a new growth engine.
Future outlook: Opportunities and challenges coexist
Looking ahead, the growth of BNB's market value faces two key variables: technological innovation and regulatory environment. On the technical level, BNB Chain plans to increase the gas limit tenfold by the end of 2025, creating a smoother environment for complex calculations in DeFi protocols and high-frequency trading of NFTs. This technological upgrade is expected to further enhance BNB's practical value and ecosystem vitality.
In terms of regulation, Binance adopted an active compliance strategy in 2025, including expanding the international compliance team by 500% and recruiting top experts, including the former FATF executive secretary; deepening cooperation with enforcement agencies such as the U.S. Internal Revenue Service and the UK's anti-terrorism department; and fully promoting business localization. These measures help alleviate regulatory uncertainties and create a more stable environment for the long-term development of BNB.
Market short-term forecasts for BNB are optimistic. Most analysts believe that if BNB can break through the 900 USD barrier, it will open up an upward channel for hitting 1,000 USD. Cryptopolitan's forecast is even more aggressive, expecting the average price of BNB to reach 982 USD in 2025, and under strong conditions, it may even touch 1,178.92 USD. If this prediction is realized, BNB's market value will further rise to over 150 billion USD.
For BYD, its future growth will depend on the continued expansion of the new energy vehicle market and its technological innovation capabilities. Despite facing fierce market competition, BYD accounted for nearly one-third of the total net profit of major car companies during the first half of 2025, demonstrating strong profitability. As the global carbon neutrality process advances, the long-term growth trend of the new energy vehicle market remains unchanged, providing BYD with vast development space.
The event of BNB's market value surpassing BYD is not only a value crossover between giants from two different fields but also a microcosm of the changing status of the digital economy and the traditional economy in the global value system. It reflects the increasing recognition of the value of digital assets in the market while reminding us that during the process of reshaping the global asset structure, a diversified value assessment system will become increasingly important. Whether based on blockchain digital assets or representing the real economy manufacturing giants, both are driving the development and transformation of the global economy along their respective trajectories.#CZ #bnb
