Nasdaq-listed BNC acquires $160M in Binance Coin holdings
Nasdaq-listed company BNC announced that it has become the largest corporate holder of Binance Coin (BNB) after acquiring 200,000 BNB. The company reportedly spent $160 million on the purchase, while the total amount raised by BNC reached $500 million.
The creation of a corporate treasury based on the native token of the world’s largest crypto exchange Binance was carried out in a familiar way — through a publicly traded Nasdaq company.
Following the issuance and placement of bonds, CEA Industries (ticker VAPE) changed its name to BNC, stating it is prepared to potentially expand its coin treasury to $1.25 billion.
BNC’s treasury strategy will be led by Galaxy Digital co-founder and well-known blockchain investment expert David Namdar, who became CEO. He will be joined by former Chief Investment Officer of the California Public Employees' Retirement System (CalPERS), Russell Read.
The company’s board of directors also welcomed Hans Thomas and Alexander Monge, founding partners of 10X Capital, whose firm, together with YZi Labs, led the $500 million private placement.
Offer for institutional investors
BNC’s further plans include issuing $750 million in warrants to offer to U.S. and international institutional investors.
According to the press release, BNB, the native token of BNB Chain, is the fourth largest cryptocurrency by market capitalization.The BNB Chain’s total value locked (TVL) of $12.3 billion reflects strong trust among developers, investors, and users in the platform’s long-term potential.
BNB serves a global community of over 250 million users and has an average daily trading volume of $9.3 billion. However, institutional holders are underrepresented in the BNB community — something the treasury company aims to change.
As we wrote, Binance Coin price drops 2.78% as Binance announces temporary suspension of withdrawals for wallet upgrade
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