The adoption of top-tier altcoins like Ethereum (ETH), BNB, and Sui (SUI) as treasury management tools by corporates has seen a significant surge in recent times. On Monday, July 28, two publicly traded companies made headlines by announcing strategic fund raises to invest in BNB and SUI coins.
Sui has emerged as a popular choice for treasury asset management, with Mill City Ventures III, Ltd. (NASDAQ: MCVT) closing a $450 million offering dedicated to purchasing Sui coins. The offering attracted a slew of prominent fund managers, including Galaxy Digital Inc. (Nasdaq: GLXY), Electric Capital, GSR, and others. Stephen Mackintosh, the proposed Chief Investment Officer of Mill City and General Partner at Karatage, highlighted Sui’s potential for mass adoption and its technical capabilities to meet institutional requirements.
Meanwhile, BNB has also gained traction as a treasury security, with CEA Industries Inc. (Nasdaq: VAPE), 10X Capital, and YZi Labs announcing a $500 million offering that could potentially be upscaled to $1.25 billion. The proceeds from the offering will be utilized to establish the largest BNB treasury management. Incoming CEO David Namdar emphasized BNB Chain’s global popularity and the opportunity for traditional investors to participate in a transparent manner through a U.S.-listed treasury vehicle.
The growing demand for top-tier altcoins as treasury assets is expected to have a significant impact on the upcoming 2025 altseason. Additionally, the overall crypto market sentiment has turned bullish, supported by clear regulatory frameworks in key jurisdictions such as the United States.
Despite the positive developments surrounding BNB and SUI, their announcement as treasury assets coincided with a broader crypto market correction, dampening their immediate price impact. As of the latest update, SUI price has dropped over 8% to approximately $3.94, while BNB price has seen a 1% decline to trade around $824.
Overall, the trend of corporates embracing top-tier altcoins for treasury management purposes signals a growing institutional interest in the crypto space, setting the stage for further adoption and integration of digital assets into traditional financial strategies.