Public companies are increasingly accumulating BNB, the native token of Binance's BNB Chain.
On Wednesday, the stock price of biotechnology company Applied DNA Sciences surged over 50% during the trading day after the company disclosed the purchase of 4,908 BNB tokens, valued at approximately $5.3 million.
This announcement came after the completion of a $27 million private equity investment (PIPE) supported by institutional DeFi and traditional financial investors.
The financing combined $15.3 million in cash and stablecoins with $11.7 million in OBNB Trust units, giving the company indirect ownership of approximately 10,647 BNB. The warrants related to BNB still require shareholder approval before the tokens can be officially transferred.
According to Chief Investment Officer Patrick Horsman, the company plans to use the net proceeds from the PIPE to implement a "revenue-focused treasury strategy with significant direct and BNB-equivalent exposure."
This shift occurred a day after Canadian e-cigarette company CEA Industries Inc. announced the acquisition of 500,000 BNB tokens at an average price of about $870 per token.
CEA announced its transformation into a BNB treasury company in July and is currently the largest BNB treasury company, claiming a goal of holding 1% of the total supply by the end of the year.
On October 13, Bloomberg reported that Beijing-based investment bank Huaxing Capital Holdings Ltd. is negotiating to raise approximately $600 million to establish a Digital Asset Treasury (DAT) in the U.S. to accumulate BNB.
As institutional interest in BNB surges, the token's price is also rising. On October 7, BNB surpassed XRP, supported by Ripple, to become the third-largest cryptocurrency by market capitalization. Less than a week later, on October 13, BNB reached an all-time high of $1,370.
David Namdar, CEO of CEA Industries, told Cointelegraph that BNB is "the most overlooked blue-chip stock in the market," and this increase reflects the market catching up with the token's fundamentals.
However, despite the optimism surrounding BNB, the world's largest cryptocurrency exchange by trading volume has faced user backlash in recent weeks due to its performance during the market crash.
During the crypto crash on October 12, approximately $19 billion was liquidated, and Binance faced criticism for technical failures, the temporary de-pegging of the Ethena synthetic stablecoin USDe (USDE), and multiple altcoins dropping to $0 on the exchange due to technical issues.
In response to these criticisms, the exchange launched a $400 million relief program for affected eligible traders and institutions, as well as a $45 million BNB airdrop for meme coin traders who suffered losses during the crash.
As of the time of writing, BNB is trading at approximately $1,080, down about 21% from its all-time high.
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Original: “BNB Treasury Race Accelerates, Applied DNA and CEA Industries Expand Holdings”
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