BNB, formerly known as Binance Coin and the native token of the BNB Chain, surged to a fresh all-time record early Monday, hitting $860.
While it pared some of the gains during the U.S. session to trade around $840, it still has been the best-performing cryptocurrency over the past week in the top 10 by market capitalization (except stablecoins) with a 9% gain. It was also up nearly 3% through the past 24 hours, while most other large-cap altcoins ike ether (ETH), XRP (XRP) and Solana's SOL (SOL) gave up all their overnight advances.
BNB's outperformance was bolstered by several companies announcing plans for creating crypto treasury strategies, the latest trend on Wall Street, with a focus on the BNB Chain.
CEA Industries (VAPE), with the support of Yzi Labs, Binance co-founder Changpeng “CZ” Zhao's family office, is raising $500 million in a private round from from institutional investors, aiming to become the largest U.S.-listed BNB treasury company. The fundraising deal, unveiled earlier Monday, could be expanded to $1.2 billion. The stock rallied over 700% on the news.
Nasdaq-listed biopharmaceutical firm Liminatus Pharma (LIMN) also announced Monday to form a subsidiary called “American BNB Strategy” with plans to invest as much as $500 million in BNB in the long-term.
Before that, pharmaceutical company Windtree Therapeutics (WINT) last week announced an up to $700 million commitment for BNB acquisitions. Meanwhile, tech firm Nano Labs said on Monday it purchased 128,000 tokens, worth over $100 million, after announcing crypto treasury plans on Friday.