Recently, interest in Ethereum and altcoins is rising. Specifically, BNC announced the purchase of BNB for $160 million.
Details of the BNB Purchase
BNC, formerly known as VAPE and listed on Nasdaq, confirmed the acquisition of $160 million in BNB. This made BNC the largest holder of BNB globally.
BNC's Strategy
The acquisition was financed through a $500 million private placement led by 10X Capital and YZi Labs. BNC intends to continue accumulating BNB and has stated the potential to invest up to $1.25 billion through bond issuance.
BNB's Market Prospects
BNC designated BNB as its primary reserve asset and noted that the asset is underrepresented in the US, despite having 250 million users and an average daily trading volume of $9.3 billion. BNC aims to bridge this gap and attract more institutional assets into the BNB ecosystem.
Thus, BNC emphasizes BNB as a strategic reserve and growth opportunity in the future market.
