BNB Network Company Makes Major Investment in Binance Coin
# Cryptocurrency
Network Company (BNC), the treasury division of CEA Industries Inc., has made a significant investment in cryptocurrency by acquiring 200,000 BNB tokens valued at approximately $160 million, establishing itself as the largest corporate holder of Binance coin globally. This purchase follows a $500 million private placement led by 10X Capital, with plans to use the funds to build a treasury centered around BNB. BNC has shifted its strategy from a diversified treasury model to focusing solely on BNB. The company has also undergone a leadership change, appointing David Namdar as CEO, alongside experienced executives from traditional finance and cryptocurrency sectors. This strategic pivot aims to enhance BNC's credibility and execution in the market. The recent capital raise could potentially increase BNC's available funds to $1.25 billion, allowing for further BNB acquisitions. With BNB's growing presence and a robust user base, BNC's investment reflects confidence in the token's long-term value, despite its current limited institutional ownership in the U.S.
