- BNB’s market capitalization crossed $119 billion, overtaking global companies like Nike and SoftBank.
- On Thursday, BNB marked its all-time high by surpassing $866.
- BNB now surpasses Ethereum in having over 1% of its supply held in public company treasuries.
BNB’s (Binance Coin) market capitalization has soared above $119 billion, overtaking global companies like Nike and SoftBank. Ali Martinez, a well-known crypto analyst, says he feels bullish on BNB, pointing out that it has been one of the best-performing cryptocurrencies this year, hitting new record high prices. Martinez also mentioned that BNB’s recent success is due to big institutional adoption, with public companies, a sovereign fund, and even treasury arms holding positions valued at hundreds of millions of dollars.
“Owning BNB is like owning a piece of Binance”, Martinez said in his X post.
BNB reached a new all-time high, by rallying above $866, with some analysts now vying $900 as the next short-term target. Bullish technicals setting the stage for a potential push toward $2,000. Transaction volume on BNB Chain’s decentralized exchanges surged 66% last week to $31 billion, supported by the token’s utility in gas payments, staking, trading fee discounts, and DeFi and NFT uses.
Several NASDAQ-listed companies are crafting crypto treasury strategies centered on BNB. For instance, a biotech company named Windtree Therapeutics raised $520 million, with 99% of funds allocated for BNB acquisitions. The company is also working with the crypto exchange Kraken to safely hold and trade its BNB.
Related: Binance Coin (BNB) Price News: Market Cap Reaches Milestone, Ranks 191st Globally
Another company, Nano Labs, which is a Web3 infrastructure provider, is executing a $1 billion BNB strategy, having already acquired 120,000 BNB through convertible notes.
A general bullish stance on BNB
BNB has firmly cemented its status as one of crypto’s most resilient and institutionally embraced assets. Even though the price was looking a bit too high and due for a drop, recent major technical upgrades helped keep it strong.
These included the Maxwell network improvements and the completion of a $1 billion token burn in July, both of which have helped improve its long-term viability.
Looking ahead, price predictions for BNB remain optimistic, as some are expecting even bigger boosts this year. This optimism is supported by the token’s expanding utility, its deflationary design, and increasing institutional adoption. In late July, it was reported that BNB surpassed Ethereum in having over 1% of its supply held in public company treasuries, once again showing its role as a corporate-grade asset.
Related: USDT Transfer Volume Hits $52.9B as BNB Chain Overtakes Ethereum Since May
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