Key Takeaways:
- BNB trades near its all-time high of $820, up 9% this week, amid a bullish crypto market.
- BNC (CEA industries’ treasury arm) acquires 200,000 BNB worth $160 million, making it the largest corporate BNB holder.
- BNC plans to expand holdings to $1.25B, offering BNB exposure to global investors.
The cryptocurrency market trades in the green on Monday, with the total market capitalization (cap) of the crypto industry now at $4.06 trillion, up from $3.93 trillion in one day, marking a 3.3% increase. Bitcoin (BTC) and Ethereum (ETH) have approached their all-time highs (ATH), trading above $122K and $4K, respectively, at the time of press release.
Binance Coin (BNB), the BNB chain’s native coin and the 5th largest crypto coin by market cap, has been trading around $820, close to its all-time high, with a weekly gain of 9% at the time of writing.
BNB comes under the spotlight as the treasury arm of CEA industries, which rebranded its ticker to BNC, announced the acquisition of 200,000 BNB tokens for around $160 million. Following this acquisition, BNC became the largest corporate holder of BNB. This acquisition comes after a historic $500 million private placement undertaken by 10X Capital in collaboration with YZi Labs (Private equity arm of Binance) to support a treasury strategy focused only on BNB, now the company’s core reserve asset.
According to the press release, BNC intends to continue purchasing BNB until the original treasury capital is fully deployed, and it may raise up to $750 million more through its warrant structure. If fully exercised, the total proceeds might be around $1.25 billion for additional BNB acquisitions.
BNC aims to capitalize on a unique market opportunity by providing U.S. and global investors with exposure to BNB without having them hold the token directly. BNC has established itself as the world’s leading corporate BNB treasury, demonstrating both confidence in BNB Chain’s long-term trajectory and a commitment to bringing BNB into the spotlight for U.S. institutional investors.