Binance Coin (BNB) Treasury Companies

Stock	Icon	1-year performance (to Dec. '25)	5-year performance (to Dec. '25)	Link
Windtree Therapeutics (WINT)		-99.77%	-99.98%	Invest Capital at risk
Nano Labs Ltd (NA)		-65.89%	-62.72% (3 years – 2022 IPO)	Invest Capital at risk
Liminatus Pharma Class A (LIMN)		N/A (2025 IPO)	-90.91% (3 years)	Invest Capital at risk

What is a BNB treasury strategy?

A BNB treasury strategy involves allocating part of a company’s balance sheet to Binance Coin, the native token of the Binance Smart Chain (now called BNB Smart Chain).

Some companies are doing this to take advantage of BNB’s speed and low-cost transactions for operational use. Others may see BNB as a bet on the broader Binance ecosystem or as a hedge against fiat currency devaluation.

However, BNB’s close connection to Binance amid the ongoing regulatory scrutiny makes this a higher-risk play compared to more neutral assets like Bitcoin.

Why are companies adding BNB to their balance sheets?

BNB’s appeal lies in its on-chain utility. It’s used to pay fees, participate in DeFi protocols, and access token launches via Binance Launchpad. For businesses interacting with BNB Smart Chain apps or building on the network, holding BNB can be practical.

In 2025, we’ve also seen a few Nasdaq-listed and OTC companies dip their toes into BNB holdings as part of broader crypto strategies. The coin’s rising profile and its use in fee-saving and staking applications has made it attractive for small to mid-cap firms looking for a growth edge.

Some companies, like Windtree Therapeutics and CEA industries, have staked their future on the growth of BNB by pivoting their businesses to becoming BNB treasuries as a way to provide traditional shareholders exposure to the token.

Some of the biggest crypto holders

If you're interested in investing in this industry, take a closer look at what companies in this industry do and how the stocks have historically performed. Keep in mind that positive past performance doesn't guarantee that a stock will continue to rise in the future.

Windtree Therapeutics (WINT)

In July 2025, Windtree announced a commitment to build a BNB treasury of up to US$700 million. If carried out, it would be the largest BNB treasury to date. BNB plans to become one of the world’s first corporate BNB treasuries to diversify its treasury assets and offer shareholders exposure to the binance ecosystem.

Windtree Therapeutics is listed on the NASDAQ and employs 14 staff.

• Market capitalization: $2,018,053
• P/E ratio: 0.001

Invest Invest Invest

Capital at risk

CEA Industries (BNC)

CEA industries recently it pivoted to building a BNB treasury in partnership with yZi Labs (aka Binance Labs) and investment firm 10X Capital. BNC is pivoting its business structure towards crypto, aiming to bring institutional and retail shareholders exposure to the BNB chain ecosystem. As of August 2025, it is the world’s largest BNB treasury.

CEA Industries is listed on the NASDAQ, has a trailing 12-month revenue of around $3.5 million and employs 29 staff.

• Market capitalization: $920,069,312

Invest Invest Invest

Capital at risk

Liminatus Pharma IncClass A Common Stock (LIMN)

In July 2025, Liminatus announced plans to expand into the crypto and blockchain sector by investing up to US$500 million in BNB. Liminatus aims to diversify its treasury strategy, leveraging BNB’s staking potential, fee utility, and deflationary mechanisms in a phased, managed way—while still pursuing its core biotech objectives.

Liminatus Pharma IncClass A Common Stock is listed on the NASDAQ.

• Market capitalization: $145,161,472

Invest Invest Invest

Capital at risk

How to compare BNB treasury companies

Which BNB treasury company you decide to invest in, should depend largely on what their overall long-term goals are.

For example, if you’re just looking for exposure to BNB via shareholdings, you might look for a company that is solely focused on being a treasury. If you’re looking for companies investing more generally in the future of cryptocurrency and DeFi applications, then a company with a more diversified portfolio might be a better play.

When looking at companies with BNB holdings, it’s worth digging into:

• Utility vs store of value: BNB is designed for on-chain utility, unlike Bitcoin which is often seen as “digital gold.” Check whether the company is using BNB for operations or speculative holding.
• Regulatory exposure: Binance has faced ongoing legal battles globally, including in Australia, the US and UK. Companies tied too closely to Binance infrastructure could be at risk of reputational or operational damage.
• Transparency: Unlike major Bitcoin treasury holders like MicroStrategy, many smaller BNB-holding firms (especially OTC-listed stocks) don’t disclose holdings regularly. Stick with companies that publish regular updates.

What the crypto market looks like in 2025

It’s not just Bitcoin and Ethereum making waves anymore. In 2025, crypto adoption is broadening, and companies are looking beyond the big two. Spot ETFs are now live in several countries, and new players like Solana and BNB are appearing in treasury discussions.

BNB has benefited from the success of BNB Smart Chain, which remains one of the most active blockchain ecosystems globally. However, investor caution remains high due to Binance’s global regulatory challenges and occasional service suspensions.

Pros and cons of investing in BNB treasury companies

Should retail investors follow BNB treasury strategies?

For most investors, BNB treasury companies are still considered speculative plays. The companies exploring BNB holdings are often small to mid-cap, and tend to carry operational or regulatory risks that go beyond crypto price swings.

That said, if you’re bullish on the Binance ecosystem or actively use BNB Smart Chain apps, investing in these firms could offer amplified exposure. Just remember, crypto exposure doesn’t override bad company fundamentals.

How to invest in BNB treasury companies

Most companies holding BNB are traded on US exchanges (NASDAQ, OTCMKTS), the CSE, or other international markets. If you’re after more direct exposure, you can also buy BNB directly on crypto exchanges.

Frequently Asked Questions

• Is BNB a safe treasury asset?

  BNB is functional and liquid but carries elevated regulatory risks. In general, BNB is a higher risk asset and should be part of a diversified portfolio.

• How is BNB used by companies?

  Mostly for transaction efficiency, staking, or integrating with DeFi protocols on BNB Chain.

• Can BNB be staked?

  Yes, companies can stake BNB to earn passive rewards or provide liquidity to protocols.

• Who holds BNB in their treasury?

  Smaller public companies and a few digital asset firms — disclosures are still limited.