BNB outperformed major assets in September, with returns doubling Solana’s as on-chain fees nearly converged.
Institutional investor BNC has expanded its position in Binance Coin following a successful initial investment. The firm’s holdings, acquired in early August through a private placement, now show a paper profit approaching $50 million. This position grew 13% from the initial purchase, while the value of BNB itself increased by a quarter.
On September 22, the company filed a registration statement for up to $750 million in additional warrants. This move provides substantial capital to further increase its BNB treasury.
Chief Executive Officer David Namdar described the asset as a high-conviction investment, with returns already justifying the strategy and suggesting potential for more growth. He stated the firm’s objective is to increase its BNB holdings per share for shareholders through continuous purchasing.
Binance Coin was the best-performing major digital asset in September. Its returns were approximately double those of Solana, while Ethereum and Ripple showed negative and single-digit gains, respectively.
The performance gap with Solana was evident in a declining ratio between the two assets. On-chain activity reflected this strength; the Binance Smart Chain generated over $907k in fees, nearly converging with Solana’s figures, which fell by 16%.
