Publicly traded companies are increasingly accumulating BNB, the native token of Binance’s Blockchain BNB Chain.
On Wednesday, shares of the biotech firm applied DNA sciences jumped more than 50% during the trading day, after the company announced the purchase of 4,908 BNB (BNB) tokens are worth about $5.3 million.
The announcement follows the closing of a $27 million private investment in Public Equity (PIPE) backed by Institutional Defi and Tradfi Investors.
The financing combines $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. BNB-related warrants remain subject to shareholder approval before tokens can be formally transferred.
The company plans to use the net proceeds from the pipeline to implement a “yield-oriented strategy with significant direct and equivalent BNB exposure,” according to CFA Chief Investment Officer Patrick Horsman.
The pivot comes a day after CEA Industries Inc., a Canadian Vape Company, announced It acquired 500,000 BNB tokens at an average price of about $870 per token.
CEA, which announced its pivot to a BNB Treasury Company in Julyis current largest BNB Treasury Company, and claims a goal to have 1% of the total supply by the end of the year.
On October 13, Bloomberg reported That China Renaissance Holdings Ltd., an investment bank based in Beijing, is in talks to raise nearly $600 million to build a digital-asset Treasury (DAT) in the US to accumulate BNB.
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BNB hits all-time high despite criticism
The increase in institutional interest in BNB coincides with the increase in the price of the token. On October 7, Bnb Flipped ripple-back XRP To become the third-largest cryptocurrency by market capitalization. Less than a week later, on October 13, BNB Hit a new all-time high of $1,370.
Commenting on Price Action, CEA Industries CEO David Namdar told Cointelegraph That BNB is the “most overlooked blue-chip in the market,” and that rally reflects the market gaining token fundamentals.
But despite the optimization around BNB, the world’s largest crypto exchange by trading volume has faced backlash from users in recent weeks over its performance in the market crash.
After seeing the October 12 crash $ 19 billion liquid from the marketBinance criticized for technical glitches, the temporary removal of Athena’s synthetic stableCoin, USDE (USD), and Many altcoins crash to zero $0.0 in exchange due to technical issues.
The exchange responded to criticisms by Launching a $ 400 million relief program For eligible merchants and institutions affected, as well as a $45 million BNB airdrop For memecoin traders who suffered losses in the crash.
At the time of writing, BNB is trading Around $1,080, down nearly 21% from the all-time high.
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