tl;dr
Binance Coin (BNB) surged past $800, reaching a new all-time high with a market cap of $111.5 billion, comparable to Nike's value. BNB has risen nearly 30% in the last month and about 300% since October 2023. Nasdaq-listed Nano Labs became the first public company to hold a BNB treasury, acquiring o...
Binance Coin (BNB) soared past $800 in early Asian trading on Wednesday, setting a new all-time high for the exchange-based asset. Over the past week, BNB surged more than 16%, and it has climbed nearly 30% in the last month. This bullish momentum pushed BNB's market capitalization to an impressive $111.5 billion, roughly equaling the market value of sportswear giant Nike.
Celebrating the milestone, former Binance CEO Changpeng Zhao credited various contributors, including ecosystem players, Bitcoin maximalists, Ethereum holders, meme traders, ETF applicants, treasury companies, regulators, and utility developers. Since hitting a bear market low of $200 in October 2023, BNB's price has skyrocketed by approximately 300%.
This dramatic rise follows news that Nasdaq-listed Nano Labs became the first public company to establish a BNB treasury, holding about 120,000 BNB—valued near $90 million at the time. Nano Labs expanded its position by acquiring an additional 45,685 BNB through over-the-counter transactions at an average price of $764 per token. Back in June, the Chinese blockchain firm announced a $500 million convertible notes deal to support its BNB purchases, targeting ownership of up to 10% of the circulating supply. Currently, 139 million BNB tokens are in circulation out of a 200 million total supply.
This move signals a budding trend where crypto treasury companies are diversifying beyond Bitcoin and Ethereum into promising altcoins. BNB is among several altcoins experiencing explosive gains, fueling speculation about an emerging "altseason."
Other top-performing altcoins include Ethereum and XRP. Ether surged 67% over the past month, reaching a seven-month peak of $3,800, while Ripple’s XRP hit an all-time high of $3.65 on July 18. Solana enjoyed a 24% weekly gain, climbing above $200, though it remains 31% below its January peak. Dogecoin rallied 35% in a week but still lags 64% from its 2021 all-time high. Cardano gained 50% within two weeks, yet it remains more than 70% off its peak from four years ago.