When CEA Industries (BNC) increased its holdings by nearly 0.1% of the circulating supply of BNB in a single day, and as Bitmine's ETH treasury approached 2 million coins at a rate of thousands per day—on August 26, 2025, the global investment in BNB and ETH by publicly listed companies exceeded $220 million in a single day, marking a heated institutional competition around ecosystem platform tokens.
1. BNB Dynasty: CEA Industries' Absolute Dominance
The crazy accumulation by CEA Industries (BNC) has redefined institutional control:
Scale Overwhelming: Daily accumulation exceeded 150,000 BNB, with total holdings surpassing 350,000 BNB. Based on its accumulation speed, the weekly intake could reach 0.5% of the circulating supply.
Strategic Intent: As the largest corporate holder of BNB globally, its continuous accumulation aims to gain governance rights over the BNB Chain ecosystem and staking rewards (annualized at about 8.4%), and may seek deep business ties with the Binance ecosystem.
Market Impact: Its holdings now represent a significant proportion of the total circulating BNB, and large buy and sell orders could have an immediate impact on market liquidity.
2. ETH Empire: Bitmine's Journey to 2 Million Coins
Bitmine's accumulation through FalconX OTC trading is also noteworthy:
Steady Progress: Accumulated 4,871 ETH (valued at approximately $21.28 million), maintaining an average daily accumulation of around 5,000 ETH.
Treasury Scale: Total holdings reached 1,718,770 ETH, valued at about $7.6 billion, just a step away from its milestone target of 2 million ETH.
Ecological Impact: Its holdings account for about 1.4% of the circulating ETH supply, and if growth continues, it will significantly impact ETH's staking landscape and governance voting.
3. BTC Dollar-Cost Averaging: Metaplanet's Japanese Stability
Metaplanet's continuous buying demonstrates the stability of its strategy:
Dollar-Cost Averaging Execution: Accumulated 103 BTC at an average price of $120,006, investing $11.7 million, with total holdings reaching 18,991 BTC.
Target Approaching: Its short-term target of 20,000 BTC is about to be achieved, and the market is watching its subsequent financing plans to initiate a new phase of allocation.
4. Trend Insights: The Institutional Era of Platform Tokens
Yesterday's dynamics confirmed three major trends:
Platform Token Value Discovery: Exchange platform tokens like BNB are gaining an independent valuation system, distinct from BTC/ETH, due to their clear profit models (exchange profit buybacks), staking rewards, and ecological usage rights, becoming a new category in institutional asset allocation.
Prevalence of OTC Trading: Bitmine's use of OTC platforms like FalconX for large transactions avoids impacting secondary market prices, which has become standard practice for large institutional trades.
Strategy Polarization: Institutional strategies are diverging; some, like BNC and Bitmine, pursue absolute dominance over specific assets, while others, like Metaplanet, execute mechanical dollar-cost averaging.
Data shows that CEA Industries (BNC)'s recent accumulation accounted for nearly 15% of the total daily trading volume of BNB.
From BNC's massive accumulation of BNB to Bitmine's gradual acquisition of ETH, the story behind the $220 million is no longer simply "bullish," but rather a strategic positioning of institutions deeply involved in blockchain governance and capturing ecological benefits. As publicly listed companies become some of the largest holders of public chain tokens, the power structure in the crypto world is being reshaped.
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