Micron Technology (bStocks Tokenized Stock)

Buying MUB does not put a name on Micron's shareholder register. BTECH Holdings, a special-purpose company in Abu Dhabi Global Market owned by Binance Holdings, issued the certificate over Nasdaq-listed MU shares after approval from the local financial regulator. Trading began on 11 June 2026. The prospectus expected an initial pool of about 895 certificates at a reference price of US$900.11 each.

Those certificates depended on shares held inside the programme rather than shares delivered to token holders. Binance NCCL borrowed the initial MU shares from Alpaca. If Alpaca recalls them and replacements cannot be found, the prospectus allows a temporary backing shortfall and suspended redemption. Segregated custody identifies where the shares are held; it does not remove the borrowing risk.

Alpaca holds MU in a segregated account for BTECH, and BTECH says it holds its interest on trust for MUB holders. That gives the certificate a defined asset and limited recourse to the shares or their net sale proceeds. It does not put the holder on Micron's register. The issuer disclaims the vote, and the certificate holder cannot exercise Micron shareholder choices directly.

Micron declared US$0.15 per share with 6 July as the ex-dividend date. Instead of forwarding cash, BTECH reinvested the net dividend after withholding. Its regulated disclosure moved the multiplier from 1 to 1.000108 and increased the certificate count from 36,319.18 to 36,323.09. The small adjustment mattered because it made the wrapper's logic observable: corporate value reaches MUB only after custody, tax and operator processing.

MUB can leave the exchange environment for BNB Chain, but Binance NCCL's CSD Master Ledger remains the definitive record of title. The CSD reconciles outside addresses and can refuse an incoming position or order it frozen when eligibility rules fail. Redemption likewise returns through Nest Trading and Alpaca; a wallet signature alone cannot demand a registered share.

The MUB address is a beacon proxy. At review, it used the same beacon and implementation observed across BTECH certificates, with the beacon owned by an operator address. That arrangement allows common fixes and corporate-action processing, but it also means MUB holders do not control the code by vote. The product's final shape is determined jointly by the prospectus, the CSD record, custody operations and upgradeable software.