BNC becomes largest corporate Binance Coin (BNB) holder after $160M acquisition
Main Idea
BNC has become the largest corporate holder of Binance Coin (BNB) after a $160 million acquisition, signaling a strategic shift towards blockchain and plans to expand its holdings to $1.25 billion.
Key Points
1. BNC acquired 200,000 BNB tokens worth $160 million, making it the largest corporate BNB holder.
2. The acquisition is part of a $500 million private funding round led by YZi Labs and 10X Capital.
3. BNC rebranded from VAPE to focus on blockchain, with key hires including Galaxy Digital co-founder David Namdar as CEO.
4. BNB is currently the 5th largest digital token with over $12.3 billion in total value locked (TVL).
5. BNC plans to expand its BNB holdings to $1.25 billion, leveraging a warrant structure that could unlock an additional $750 million.
Description
Cryptocurrencies traded in green today amid bullish catalysts, with large-caps in the spotlight as enthusiasts brace for an altseason. Amidst the optimism, CEA Industries’ treasury management branch, BNB Network Company (BNC), has signalled confidence through a bold move. In a 10 August press release, the firm disclosed that it acquired 200,000 BNB assets, worth around $160 million. The massive purchase has cemented BNC’s status as the largest corporate Binance Coin holder globally. Notably, the...
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