Institutional investors in the cryptocurrency market are increasingly aggressive in their treasury management strategies. Three major companies listed on Nasdaq and the NYSE have recently attracted attention with their purchases totaling billions of dollars in BNB, Ethereum, and Bitcoin.
BNC Makes $160 Million BNB Investment
BNB Network Company (formerly CEA Industries Inc.), traded on Nasdaq under the ticker symbol BNC, has acquired 200,000 BNB tokens, becoming the world's largest institutional BNB treasury holder. This $160 million purchase follows a $500 million private equity raise in partnership with 10X Capital and YZi Labs.
The company is pursuing an aggressive strategy by focusing its treasury entirely on BNB. BNC plans to direct its remaining capital toward additional BNB purchases and, by exercising its option of up to $750 million, bring the total investment to $1.25 billion. The addition of Galaxy Digital co-founder David Namdar as CEO and the addition of former CalPERS CIO Russell Read to the team demonstrate the commitment to this transformation.
BNB has 250 million users and an average daily trading volume of $9.3 billion. Increasing on-chain activity, deflationary token burns, and a potential BNB spot ETF are among the potential catalysts that could increase institutional interest.
BitMine Adds $4.9 Billion in Ethereum Stockpiles
Ethereum-focused treasury management company BitMine Immersion (BMNR) announced that it has increased its ETH holdings to 1.15 million, reaching a reserve of approximately $4.9 billion. This amount makes the company the world's largest institutional Ethereum treasury.
The company engaged in an aggressive acquisition campaign during the summer. Last week, BitMine held 833,000 ETH and added 317,000 ETH ($1.3 billion) in just one week. BitMine President and Fundstrat co-founder Tom Lee stated that Ethereum is experiencing a "2017 Bitcoin moment," predicting that regulatory developments and institutional use cases could push the price to $30,000.
Michael Saylor Makes New Bitcoin Move
On the Bitcoin front, Michael Saylor's company, Strategy (formerly MicroStrategy), known for its "Bitcoin treasury" model, announced the purchase of 155 BTC for $18 million. This brings its total Bitcoin reserves to 628,946 BTC. The company's total holdings cost $46.09 billion, with an average purchase price of $73,288.
While this purchase is one of Strategy's smallest of the year, it follows last week's record purchase of 21,021 BTC ($2.46 billion). The company is planning a new $4.2 billion stock offering and aims to use this funding to acquire more BTC.
