Crypto Treasury Firm Begins Deploying $500M War Chest to Buy BNB
Main Idea
BNB Network Company (BNC) has acquired $160 million worth of Binance’s BNB token, becoming the world's largest corporate holder, as part of its crypto-first strategy.
Key Points
1. BNC, a Nasdaq-listed company, purchased 200,000 BNB tokens in a $160 million acquisition.
2. The acquisition follows a $500 million private placement led by 10X Capital and YZi Labs, Binance’s family office.
3. BNC aims to support BNB Chain's growth, targeting an ecosystem serving 250 million users.
4. David Namdar, co-founder of Galaxy Digital, has joined BNC as CEO, alongside other high-profile executives.
5. BNC shares rose 3.7% to $17.10 following the announcement, with potential for additional $750 million in BNB purchases through warrant exercises.
6. Industry reactions are mixed, with some viewing it as a pivotal moment for BNB, while others express skepticism about corporate influence in crypto.
Description
The buy is “bullish in the short-term” but signals “top-down consolidation” that could erode crypto’s decentralization, Decrypt was told.
Latest News
- Pump.fun Is Back on Top and Solana Meme Coins Are Soaring: Here’s Why2025-08-13 17:00:10
- Solana, Dogecoin Surge as Bitcoin Nears New All-Time High Price2025-08-13 16:29:57
- ETH NEARS ATH, SOL BREAKS $200, PUMP BACK TO ICO PRICE2025-08-13 16:04:57
- Bitcoin Meme Coin Launchpad Odin.fun Loses $7 Million in Liquidity Exploit2025-08-13 15:28:29
- Ethereum Could Soar to $25,000 by 2028: Standard Chartered2025-08-13 13:50:05