BNB treasury race accelerates as Applied DNA, CEA Industries expand holdings
Biotech firm Applied DNA Sciences and vape company CEA Industries significantly increased their holdings of BNB tokens, fueling institutional interest.Summary
Publicly traded companies are increasingly accumulating BNB, the native token of BNB Chain. Biotech firm Applied DNA Sciences recently jumped over 50% after revealing a purchase of 4,908 BNB tokens, valued around $5.3 million, following a $27 million PIPE financing. CEA Industries Inc., a Canadian vape company pivoting to a BNB treasury strategy, announced it acquired 500,000 BNB tokens and aims to own 1% of the total supply by year-end, making it the largest BNB treasury company. This institutional interest coincides with BNB's price surge, which saw it briefly become the third-largest crypto by market cap and hit an all-time high of $1,370. Despite this optimism, Binance faced criticism for technical glitches during a recent market crash, prompting the exchange to launch relief programs and a BNB airdrop for affected traders.
(Source：Cointelegraph)