BNB treasury adds over $13 million of token as crypto market retreats
Quick Take
- CEA Industries added over $13 million worth of BNB tokens.
- Company’s total holdings are now 515,054 as BNB’s value has declined 20% during the past month, in line with other major cryptocurrencies like Bitcoin and Ethereum also falling in price.
CEA Industries Inc. (ticker BNC), the Nasdaq-listed BNB digital asset treasury, said Wednesday it had added over 15,000 BNB tokens, valued at more than $13 million.
According to a statement, that brings its total BNB holdings to 515,054, up from the approximately 500,000 tokens it said it had last month. At that time, BNB was trading at nearly $1,150, up about 90% during the past year. In recent days, however, BNB has declined in price.
As of Wednesday, BNB was trading at about $872, according to The Block's price page, down 20% over the past month, similar to the declines seen by other major cryptocurrencies like Bitcoin and Ethereum. BNB is the fifth-largest cryptocurrency by market cap.
CEA Industries said in August it had raised $500 million through a private placement to buy BNB as its primary treasury reserve asset. The company also calls itself BNB Network.
"Our approach to treasury management is disciplined and opportunistic. We execute purchases when market conditions align with our long-term strategy," CEO David Namdar told The Block.
The company sought to differentiate itself from other DATs on Wednesday. "MicroStrategy's mNAV premium collapsed to 1.06x (from 2.7x last year), Solana treasury aggregate value fell from $3.5 billion to $2.1 billion, and convertible debt structures are creating forced-seller dynamics across the industry," a CEA Industries spokesperson said via email.
YZi Labs, the family office investment firm belonging to former Binance CEO Changpeng "CZ" Zhao, is a supporter of CEA Industries. The company's shares, ticker BNC, were changing hands at $5.12 on Wednesday at 1:43 p.m. ET, up about 3%, according to Yahoo Finance.
BNB was originally Binance's native token.
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