Nasdaq-Listed BNC Becomes Largest Corporate Holder of Binance Coin After $160 Million BNB Purchase

BNC Purchases 200,000 BNB And Plans Up To $1.25 Billion In Accumulation

Nasdaq-listed CEA Industries, now trading under the ticker BNC and formerly VAPE, has taken a decisive step into crypto treasuries by acquiring 200,000 Binance Coins for $160 million.

The purchase was financed as part of a $500 million private placement led by 10X Capital in collaboration with YZi Labs.

BNC says it may raise an additional $750 million via its warrant structure, taking potential total proceeds toward $1.25 billion for further BNB buys.

What Changed At The Top?

The firm overhauled its leadership to support the new strategy.

David Namdar, co-founder of Galaxy Digital, has been named CEO.

Joining him are Russell Read, formerly CIO at CalPERS, and Saad Naja, a former Kraken director.

Hans Thomas and Alexander Monje of 10X Capital have taken board seats.

On the company’s rationale, BNC said:

“For BNC, BNB is not just a strategic reserve—it’s a growth opportunity aligned with one of the strongest ecosystems in the industry.”

How Much BNB Could The Company Hold?

BNC’s stated plan is aggressive: the company aims to build a BNB treasury large enough to control roughly 5–10% of the token’s circulating supply under a broader $1 billion accumulation strategy using convertible notes and private placements.

The initial 200,000-token purchase makes BNC one of the largest corporate BNB holders to date.

Who Else Is Buying BNB And Why?

Corporate appetite for BNB has expanded through 2025.

Nano Labs bought 74,315 BNB for $50 million in July at an average price of $672.45.

Other public companies — including Windtree Therapeutics and Build and Build Corp — have announced plans or raised capital with the specific intent of adding BNB to their treasuries.

The trend mirrors broader “altcoin treasury” moves, where firms hold Ethereum, Solana and other non-Bitcoin assets as reserve assets.

BNB’s Recent Market Momentum

BNB itself hit a new peak in July, touching roughly $861.2 and bringing its market capitalisation to about $119 billion.

The token rose 31.47% in July, while trading volumes jumped sharply — daily activity reached billions during that period.

The wider shift in corporate buying has coincided with a fall in Bitcoin dominance from 64.5% in June to around 59% in August, according to market tallies cited by industry researchers.

Network And Institutional Developments Behind The Buying

BNB Chain has seen growing on-chain activity and application revenue, reportedly leading in decentralised exchange volume on several recent days.

Binance has also rolled out institutional products such as cross-collateralised loans that can provide corporate clients with leverage against multiple assets.

Meanwhile, the chain’s roadmap includes infrastructure upgrades aimed at reaching 20,000 transactions per second by 2026, with faster confirmations and native privacy options — changes that industry players say make BNB more viable for large treasury allocations.

Price And Market Reaction To Corporate Moves

BNC’s announcement sparked intense market interest.

The stock experienced a dramatic run earlier in the week — at one point surging from single-digit levels to much higher — before pulling back; filings and trading updates show the share price later corrected from peaks above $50 and was trading above $17.10 as of the latest close cited by the company.

The broader pattern has been that public firms disclosing altcoin treasuries often see significant stock moves in the short term.

Where This Fits In The Bigger Picture

Institutional exposure to BNB is still a small fraction of supply, but several listed companies exploring BNB strategies suggest a growing appetite for tokenised reserve assets beyond Bitcoin.

If multiple firms follow through on sizeable allocations, the cumulative buying pressure could be material for the BNB market in coming months.