New York-based 10x Capital announced its decision to become a BNB Treasury company in the United States, along with support from Web3 investment firm YZi Labs. Better crypto regulations in the US, with the CLARITY Act on the verge of passing next week, have infused greater confidence among firms to accumulate top digital assets. At press time, BNB price is showing modest 1.5% upside today to $672, hitting monthly highs.
10X Capital To List BNB Treasury Company On US Stock Index
10X Capital, a leading investment firm focusing on cryptocurrencies, has recently announced its plans to establish a BNB Treasury company on the BNB Chain. Last week, Nasdaq-listed Nano Labs made a similar move with $50 million BNB purchase, buying a total of 74,315 BNB in an over-the-counter (OTC) transaction at an average price of $672.45.
Investment firm 10x Capital also shared plans to take this Treasury firm public on a major U.S. stock exchange, thereby attracting Wall Street capital and giving traditional investors exposure to BNB. Web3 investment vehicle YZi Labs has announced its support for the same, noting:
“BNB meets Wall Street. YZi Labs is officially supporting 10x Capital to develop the BNB Treasury Company. U.S. investors now have a gateway for BNB’s growth. YZi Labs champions BNB as a treasury asset.”
The race for crypto treasury among corporate players is on the rise. First Bitcoin Treasury, followed by Ethereum, Solana, and now BNB, Wall Street firms are tapping crucial opportunities with crypto. In order to fund its BNB acquisition plan, 10X Capital has also partnered with Cohen & Company Capital Markets and Clear Street LLC to raise the necessary capital.
Hans Thomas, Founder & CEO of 10X Capital said that although the BNB Chain ecosystem is among the “highest performing digital assets ecosystems globally,” institutional and retail investors have limited exposure to the growth of BNB.
“We believe the time is right for a well-capitalized, institutionally managed, pure-play treasury company to emerge as a gateway between U.S. investors and decentralized innovation on BNB Chain,” said Hans Thomas.
Where’s BNB Heading Next?
Following today’s development, BNB price is showing modest 1% gains, trading at $670 with daily trading volume surging 14.5% to $1.7 billion. As CoinGape reported, BNB price is eyeing 20% breakout on the upside, with more than $600 million commitment to BNB Treasury over the past month. With BNB currently trading near its all-time high, a breakout with strong trading volume could lead to sustained upside.
Bhushan Akolkar
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.
He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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