BNB Token Rallies to Record High as CEA Industries Raises $500M for Treasury Strategy

BNB, formerly known as Binance Coin and the native token of the BNB Chain, surged to a fresh all-time record early Monday, hitting $860.

While it pared some of the gains during the U.S. session to trade around $840, it still has been the best-performing cryptocurrency over the past week in the top 10 by market capitalization (except stablecoins) with a 9% gain. It was also up nearly 3% through the past 24 hours, while most other large-cap altcoins ike ether ETH$2,005.41, XRP XRP$1.5242 and Solana's SOL SOL$87.38 gave up all their overnight advances.

BNB's outperformance was bolstered by several companies announcing plans for creating crypto treasury strategies, the latest trend on Wall Street, with a focus on the BNB Chain.

CEA Industries (VAPE), with the support of Yzi Labs, Binance co-founder Changpeng "CZ" Zhao's family office, is raising $500 million in a private round from from institutional investors, aiming to become the largest U.S.-listed BNB treasury company. The fundraising deal, unveiled earlier Monday, could be expanded to $1.2 billion. The stock rallied over 700% on the news.

Nasdaq-listed biopharmaceutical firm Liminatus Pharma (LIMN) also announced Monday to form a subsidiary called "American BNB Strategy" with plans to invest as much as $500 million in BNB in the long-term.

Before that, pharmaceutical company Windtree Therapeutics (WINT) last week announced an up to $700 million commitment for BNB acquisitions. Meanwhile, tech firm Nano Labs said on Monday it purchased 128,000 tokens, worth over $100 million, after announcing crypto treasury plans on Friday.