On Tuesday, Binance-backed token BNB reached a new all-time high, surpassing Tether by market capitalization and becoming the third-largest cryptocurrency globally. The surge accelerated after Nasdaq-listed CEA Industries Inc. revealed it holds a significant BNB treasury.

According to the company, CEA owns 480,000 tokens purchased at an average price of $860 each, totaling about $412.8 million. Following the rally to $1,273 per coin, the company’s holdings are now valued at over $611 million.

“BNB’s record highs clearly show that global markets are recognizing the true value, scale, and importance of this asset and its ecosystem,” said CEA Industries CEO David Namdar. “We view BNB not just as a token, but as the core of an integrated ecosystem.”

CEA is already the largest corporate holder of BNB and aims to own 1% of the total token supply by the end of 2025. According to CoinGecko, BNB hit $1,330 on Tuesday, up 121% year-over-year.

Analysts link the surge to growing activity on the BNB Chain and rising institutional interest. CEX.IO analyst Illia Otychenko said the rally was driven by strong on-chain demand and increasing confidence among major market participants.