BNC Becomes Largest Corporate BNB Holder With $160M Investment
The post BNC Becomes Largest Corporate BNB Holder With $160M Investment appeared on BitcoinEthereumNews.com.
BNC invests $160M in BNB, becoming the largest corporate BNB holder and signaling strong confidence in Binance Coin’s future growth. BNB Network Company (BNC), the treasury management division of CEA Industries Inc. (Nasdaq: BNC), has made a bold move in the cryptocurrency market. The corporation has revealed that it has acquired 200,000 Binance Coin (BNB) tokens at a value of about 160 million dollars. This makes BNC the largest publicly disclosed corporate owner of BNB globally. BNB Crosses $861 as Corporate Support Grows This is a major acquisition, as BNC has had a fundamental change of business strategy. The company has entirely entered the cryptocurrency field, formerly being under the name CEA Industries Inc. (Nasdaq: VAPE). It primarily aims to establish a long-term exposure to the Binance ecosystem, and BNB is now its main reserve asset. In order to finance this strategy, BNC has just completed a 500 million dollar private placement. This investment round was led by 10X Capital with YZi Labs. The proceeds are being used to amass a huge crypto treasury that is centered on BNB. The company has also got the prospect of an extra 750 million dollars in warrants. With complete utilization, BNC investment in BNB may reach the amount of 1.25 billion US dollars. The decision is an indication of the high belief in the future of Binance Coin. The amount of its reserves that BNC has dedicated to BNB is a statement to the market. It feels that BNB will continue to increase in value and relevancy. This would foster other companies to follow suit in the subsequent months. Simultaneously, this news in the market has been well received. BNB posted a growth of spot trading volume and open interest in derivatives over the weekend. This posits that traders are taking it seriously…
