Author: Cubone Wu on Blockchain
This article does not constitute any investment advice. Readers are advised to strictly comply with the laws and regulations of their location and not to participate in illegal financial activities.
The Rise of Crypto "Treasury" Companies
In recent years, a number of "Digital Asset Treasury" (DAT) type listed companies have emerged in the capital market: by issuing new shares or raising funds through private placements, they incorporate cash or equivalent digital assets into their balance sheets and hold them long-term. Some cases also involve collateralization, node management, and liquidity management. The pioneer was MicroStrategy (which began Bitcoin asset allocation in 2020), providing a replicable model for "corporate-level holding." Subsequently, there were explorations of corporate ETH allocations on the Ethereum side, extending the DAT narrative from BTC to ETH. This path further spilled over to BNB and SOL, gradually showing regional differentiation: the former is dominated by the Binance ecosystem and Asian capital; the latter is mainly led by institutional investors in the United States, facilitated by Wall Street investment banks through mergers/acquisitions, PIPEs, and convertible/warrant instruments.
BNB Camp: The "Treasury Alliance" of Asian Capital
Digital asset treasuries (DAT) centered around BNB are accelerating their launch and layout: Gelephu Mindfulness City (GMC) in the special administrative region of Bhutan announced the inclusion of BTC, ETH, and BNB into its strategic reserve assets, becoming one of the pioneers in incorporating digital assets into official reserves. CZ subsequently stated that this is not a single Bitcoin reserve but a multi-currency reserve that includes ETH and BNB, opening the door for more jurisdictions to include digital assets like BNB in their strategic reserves.
Nano Labs disclosed that its BNB holdings increased to 128,000 coins (including a recent OTC acquisition of 8,000 coins at an average purchase price of about $801 per coin, with a comprehensive average cost of about $713 per coin) and proposed a "multi-pronged" reserve strategy: continuously accumulating BNB, acquiring controlling stakes in companies focused on BNB reserves, and investing in BNB-centric enterprises to strengthen its strategic position within the BNB ecosystem. At the same time, Nano Labs reached an equity investment arrangement with CEA Industries: subscribing to 495,050 shares at $10.10 per share and receiving 495,050 warrants at $15.15 per share; this transaction is part of CEA's $500 million PIPE, with the raised funds primarily used to purchase BNB.
CEA Industries (NASDAQ: VAPE) announced the completion of a $500 million private placement with 10X Capital leading the investment and strategic support from YZi Labs (of which $400 million is cash and $100 million is crypto assets), planning to create the largest publicly listed treasury company focused on the BNB Chain; if all warrants are exercised, the overall financing cap could expand to $1.25 billion. The company will be renamed BNB Network Company on August 6, with the stock code changing to BNC. 10X Capital will act as the treasury strategy asset manager, with over 140 institutional and individual participants (including Pantera, GSR, dao5, Arrington, Blockchain.com, Bitfury founders, etc.), and David Namdar (co-founder of Galaxy Digital and senior partner at 10X Capital) will serve as CEO. Subsequently, BNC first disclosed BNB holdings of 325,000 coins (an increase of 125,000 coins from the previous 200,000) and later updated it to over 350,000 coins, stating that it will continue to expand its holdings and launch products and services aimed at institutions.
Liminatus Pharma announced the establishment of a subsidiary, American BNB Strategy, intending to raise and invest up to $500 million in BNB, positioning itself for long-term asset allocation rather than short-term speculation, and plans to use Ceffu's institutional-grade custody infrastructure; the company is also advancing compliance reviews and related approval processes, aiming to enhance the risk resistance of its balance sheet and shareholder return flexibility while supporting its main business in tumor immunotherapy.
Windtree Therapeutics signed a $500 million equity credit line (ELOC) and separately signed a $20 million stock purchase agreement, disclosing that about 99% of the proceeds will be used to purchase BNB; the activation of the ELOC is contingent upon shareholder approval for the issuance of new shares. Subsequently, due to non-compliance with NASDAQ listing rule 5550(a)(2) (minimum purchase price requirement), it was decided to delist, and the company was then transferred to over-the-counter trading, but it stated that this change does not affect its established business and information disclosure arrangements.
Huaxing Capital and YZi Labs signed a strategic cooperation memorandum: planning to self-manage approximately $100 million in BNB; while promoting the listing of BNB on a licensed compliant virtual asset exchange in Hong Kong, they are also planning a RWA fund with a scale of several hundred million dollars in collaboration with ecological partners; both parties will provide strategic and resource empowerment around project docking, brand and market support, financial product design, and capital market collaboration (the memorandum is a framework and non-binding document, with subsequent formal agreements to prevail).
B Strategy, with strategic support from YZi Labs, is preparing to establish a U.S. listed treasury company focused on BNB, targeting a scale of $1 billion, positioned as a dual-driven model of "holding + ecological investment," and clearly stating the capital management goal of "maximizing BNB-per-share"; the company's management team comes from backgrounds in crypto and traditional investment banks/law firms, intending to attract global capital through a public listing vehicle while emphasizing independent custody, verifiable holdings, and transparent disclosure.
As a multi-asset sample, The Brooker Group recently disclosed holding 43,022.4 BNB; the company's financial report indicates that the increase in digital asset inventory during the period mainly comes from "earned income" rather than new investment purchases, while also holding BTC, ETH, SOL, etc., in its asset portfolio.
Amber International and Hash Global have partnered to launch a BNB fund, providing institutional investors with native yield products aimed at BNB chain scenarios; at the same time, Amber International completed a $25.5 million private placement, with an issuance price of $10.45 per share, approximately 5% lower than the three-day average price. Its $100 million crypto ecosystem reserve has expanded from the original BTC, ETH, SOL to include BNB, XRP, SUI, to enhance the linkage and allocation flexibility with the BNB ecosystem.
Zhao Changpeng (CZ) Discusses Crypto Asset Treasury Strategy (DAT)
A bridge for traditional investors to enter the crypto world. Many people often oversimplify the concept of DAT, but in fact, this sector is highly segmented; at its core, the logic is to package digital currencies in a stock-like manner, allowing traditional stock investors to easily participate in investments.
There are various levels and forms in the DAT field, just like traditional companies, where various models can coexist. Crypto ETFs are mainly issued in the United States, but many investors lack U.S. stock accounts or are unwilling to bear their high trading and management costs; in contrast, listed companies like Strategy can often achieve asset allocation at a lower cost by directly holding digital currencies, while financing methods are more diverse, allowing fundraising in different markets such as the U.S., Hong Kong, and Japan; the differences in financing channels and investor structures among listed companies in different regions also shape their unique market patterns.
From BTC, ETH to SOL: Wall Street's Third Main Line
According to Strategic SOL Reserve data, the 13 tracked institutions collectively hold about 8.689 million SOL. Large holdings are concentrated in a few companies: Sharps Technology holds about 2.14 million, Upexi about 2 million, DeFi Development Corp about 1.831 million, Mercurity Fintech about 1.083 million, and iSpecimen about 1 million.
Among them, DeFi Development Corp participates in staking about 158,900 SOL; the total sample participates in staking about 585,100 SOL, with an average annualized return of about 6.86%.
Galaxy Digital, Jump Crypto, and Multicoin Capital are negotiating with investors to raise about $1 billion for concentrated SOL allocation and plan to establish a digital asset treasury company focused on Solana by acquiring a listed company; Cantor Fitzgerald is serving as the lead investment bank. The related plan is reportedly approved by the Solana Foundation and is expected to be completed in early September.
At the same time, Pantera Capital is leading an investment transformation of a NASDAQ-listed company, intending to raise up to $1.25 billion in total, transforming it into an investment/treasury platform centered on Solana: initially led by Pantera to raise $500 million, with an additional $750 million fundraising option reserved through warrants; the target company will issue new shares to raise cash for the investor group led by Pantera, and then use the raised funds to purchase SOL to establish a treasury; Pantera plans to send an executive to the company's board, and the target company intends to be renamed "Solana Co."; in addition to U.S. institutional investors, some Asian investors are also participating, with Pantera investing about $100 million. The name of the target company has not been disclosed and will be subject to formal announcements.
It is important to emphasize that DAT is not equivalent to "sweeping" in the secondary market at market prices. Treasury increases can be completed through directed placements by foundations, over-the-counter (OTC) discounted trading, or using existing locked shares as consideration for swaps; under the premise of sufficient proof of holdings and sources, custody, and on-chain verifiability, related positions can be accounted for as holdings according to disclosure/audit standards. In practice, there is often discretion among parties regarding standards and processes. For ordinary investors, this means facing mismatches in disclosure timing (funds in place, custody addresses public, and financial accounting usually lag behind price reactions) and short-term momentum driven by expected trading (FOMO and "buy the expectation, sell the fact" caused by rumors, roadshows, and public sentiment amplification); on the other hand, treasury-related listed companies may experience stock prices long exceeding the net asset value (NAV) per share due to theme premiums, liquidity scarcity, and refinancing structures. It is also crucial to pay attention to exit and strategy change risks: events such as new share issuance/stock swap unlocks, disclosures of reductions or adjustments, sales of treasury assets, strategic adjustments, or even delisting/transfer can impact stock prices and spot markets.
Combining Solana's holding structure and participant profiles, DAT and the early high-concentration foundation/VC lock-up may create a cumulative effect: some announcements of "buying for reserves" may not correspond to net new buying in the secondary market, but are more likely to be share swaps or discounted OTC transfers achieved through DAT vehicles. In the short term, such engineered capital movements may still bring about price surges; however, if net demand is insufficient, and the pace of unlocking and refinancing is too fast, or if the market lacks trust in the verifiability of holding proof/source proof/lock-up arrangements, the result of "good news but weakening prices" cannot be ruled out. A prudent approach is to verify each item: whether the source and use of funds are clearly designated for purchasing SOL; whether the custodian and on-chain addresses are public and verifiable; how the number of SOL per share corresponds to the NAV discount/premium level; and whether the lock-up/unlock and potential secondary financing constitute dilution or selling pressure paths for existing shareholders and holders.
Conclusion
In the past year, DAT has extended from BTC and ETH to BNB and SOL, showing a dual-line advancement: on one end, Asian capital and ecological parties are linked to promote BNB treasury along the "holding + ecological investment" path; on the other end, U.S. institutional investors lead, with Wall Street investment banks facilitating the transformation of SOL-centered treasury platforms through mergers/acquisitions, PIPEs, convertible securities, and warrants as engineered tools. The commonality between the two lies in achieving asset allocation and scaled holdings through "listed company shells + capital market financing"; the differences are reflected in funding sources, compliance paths, and ecological orientations. For pricing, the key is not the number of announcements, but the real flow and formation mechanism of funds and chips—if primarily sourced from OTC/directed or lock-up conversions, its marginal demand for secondary spot may not equate to net buying in the public market. For investors, it is essential to track: whether holdings are accounted for and verifiable, whether custody and on-chain disclosures are sufficient, the per-share holding of treasury stocks and NAV discount/premium, the pace of refinancing and staking/unlocking arrangements, as well as strategy continuity and governance. Only under the premise of more transparent and verifiable information disclosure and constraint mechanisms can DAT transition from being "theme-driven" to a sustainable asset allocation tool.
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