Binance US Stock Debut Observation: Crypto Natives Prefer Nano Stocks, $600 Million Trading Volume Faces "Infinite Dilution"

BlockBeats News, June 2nd, according to market data, on the first day of Binance US stock trading, a total of 11 US stocks had a trading volume exceeding $100 million, including:

Wokey Medical (WOK): $394 million

Virgin Galactic (SPCE): $287 million

NVIDIA (NVDA): $215 million

Zhongchao Medical (ZCMD): $212 million

Nokia (NOK): $174 million

Intel (INTC): $136 million

Sphere 3D (ANY): $128 million
Optimum (OPTU): $125 million

AMC Entertainment (AMC): $117 million

Hewlett Packard Enterprise (HPE): $116 million

Abits (ABTS): $104 million

Many of the stocks on the list are small-cap, micro-cap, or even nano-cap stocks. Among them, Sphere 3D has a market capitalization of only $17.06 million and surged 28.11% after hours; ABTS has a market capitalization of only $6.3484 million and saw a 40% post-market rally; both of these nano-cap stocks had a long-standing downtrend before the launch of US stock trading on Binance, with significant price movements occurring only after hours.

It is worth noting that Wokey Medical (WOK) and Zhongchao Medical (ZCMD), with market capitalizations of $197.2 thousand and $295.4 thousand respectively, experienced extreme abnormal trading behavior that drew market attention. Taking Wokey Medical (WOK) as an example, crypto traders speculated on these nano-cap stocks with a meme trading approach, attempting to artificially boost the stock price after accumulating enough chips, leading to a short-lived 70% price surge, which eventually retraced.

Reportedly, Wokey Medical (WOK) is a medical consumables manufacturer based in Hangzhou, China (founded in 2022, IPO in August 2024), continuously operating at a loss and not well regarded fundamentally. To prevent delisting due to a persistently low stock price, Wokey Medical underwent two 1:100 reverse stock splits in the fourth quarter of 2025 internally, following the typical "shell protection cycle" maneuvers of US-listed small-cap Chinese concept stocks.

Despite traders injecting nearly $400 million in trading volume, the stock price remained almost unaffected due to the extremely abundant authorized share capital of Wokey Medical (WOK) + SEC Shelf Registration + At-the-Market (ATM) offering plan combination, enabling the company to drip-feed new shares to the market at any time without the need for full approval processes each time.

ZCMD also belongs to the "shell-preserving ADRs." The onshore entity in China is Shanghai Zhongchao Medical Technology Co., Ltd., which also has a strong "almost unlimited issuance" capability. Its core weapon is a massive authorized share capital expansion approved by shareholders + an existing F-3 shelf registration + a repeated reverse stock split to preserve the shell. Unlike WOK's "ATM continuous drip irrigation," ZCMD follows a dilution model of periodic large-scale/registered offerings + flexible splits, but with an even greater actual operating space.