Applied DNA and CEA Industries add BNB to corporate treasuries

Publicly traded corporations are more and more accumulating BNB, the native token of Binance’s layer-1 blockchain BNB Chain.

On Wednesday, shares of biotech agency Applied DNA Sciences jumped over 50% throughout the buying and selling day, after the corporate revealed the acquisition of 4,908 BNB (BNB) tokens valued at roughly $5.3 million.

The announcement adopted the shut of a $27 million non-public funding in public fairness (PIPE) backed by institutional DeFi and TradFi buyers.

The financing mixed $15.3 million in money and stablecoins with $11.7 million in OBNB Belief items, giving the corporate oblique possession of roughly 10,647 BNB. The BNB-linked warrants stay topic to shareholder approval earlier than the tokens will be formally transferred.

The corporate plans to use the online proceeds from the PIPE to implement a “yield-focused treasury technique with vital direct and BNB equal publicity,” according to CFA Chief Funding Officer Patrick Horsman.

The pivot comes a day after CEA Industries Inc., a Canadian vape firm, announced it had acquired 500,000 BNB tokens at a mean worth about $870 per token.

CEA, which introduced its pivot to a BNB treasury company in July, is at present the largest BNB treasury firm, and claims a aim of proudly owning 1% of the entire provide by the tip of the yr.

On Oct. 13, Bloomberg reported that China Renaissance Holdings Ltd., an funding financial institution primarily based in Beijing, was in talks to increase about $600 million to kind a digital-asset treasury (DAT) within the US to accumulate BNB.

Associated: $19B market crash paves way for Bitcoin’s rise to $200K: Standard Chartered

BNB hit all-time excessive regardless of criticism

The surge in institutional curiosity in BNB has coincided with an increase within the token’s worth. On Oct. 7, BNB flipped Ripple-backed XRP to grow to be the third-largest cryptocurrency by market capitalization. Lower than every week later, on Oct. 13, BNB hit a new all-time high of $1,370.

Commenting on the worth motion, CEA Industries CEO David Namdar told Cointelegraph that BNB was the “most neglected blue-chip available in the market,” and that the rally mirrored the market catching up to the token’s fundamentals.

However regardless of the optimism round BNB, the world’s largest crypto alternate by buying and selling quantity has confronted backlash from customers in latest weeks over its efficiency throughout the market crash.

After the Oct. 12 crypto crash noticed about $19 billion liquidated from the market, Binance was criticized for technical glitches, the short-term depegging of Ethena’s artificial stablecoin, USDe (USDE), and several altcoins crashing to zero $0.0 on the alternate due to technical points.

The alternate responded to the criticisms by launching a $400 million relief program for eligible merchants and establishments affected, in addition to a $45 million BNB airdrop for memecoin merchants who suffered losses throughout the crash.

On the time of writing, BNB is trading round $1,080, down roughly 21% from its all-time excessive. 

Journal: Binance shakes up Korea, Morgan Stanley’s security tokens in Japan: Asia Express