- BNB has surged 35% over the past couple of months.
- Last month’s price jump was fueled by significant BNB acquisitions by corporate treasuries.
BNB, the digital asset formerly known as Binance Coin, achieved a new peak on Thursday, reaching a record high of over $881.
This upward trajectory aligns with BNB’s consistent growth throughout the year, despite the more widely publicized gains seen in cryptocurrencies like Bitcoin, Ethereum, and XRP.
Over the last 60 days, BNB’s value has increased by a substantial 35%.
This recent surge in value has propelled BNB’s market capitalization beyond that of Solana by approximately $19 billion.
Having overtaken Solana in July following a noteworthy 29% price increase, BNB now holds its position as the fifth-largest cryptocurrency based on market capitalization. As of the time of this report, it has adjusted slightly downward to around $852.
Corporate Interest Surges
The price appreciation of BNB this quarter coincides with a growing wave of institutional investment into the cryptocurrency associated with Binance.
In July, companies such as Windree Therapeutics, a pharmaceutical firm, and Nano Labs, a technology company, collectively invested approximately $610 million to purchase BNB.
This trend of incorporating cryptocurrencies into corporate balance sheets is gaining momentum across the digital asset landscape.
Strategy, formerly known as MicroStrategy, spearheaded this approach in August 2020 under the leadership of its founder, Michael Saylor.
The company currently possesses the largest Bitcoin holdings among publicly traded entities. Its stock valuation has also soared by almost 500% since it started accumulating Bitcoin.
However, not all corporate forays into crypto treasury management have yielded similar outcomes.
Windtree’s investment in BNB initially resulted in a more than 30% increase in the company’s stock value, but this positive impact proved short-lived, and the stock is now down 90% from its highest point.
Windtree’s significant decline in share price has brought it below the $1 minimum bid requirement for Nasdaq listing, placing it at risk of being delisted.
Osato Avan-Nomayo
is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Got a tip? Please contact him at
osato@dlnews.com
.