Binance Coin (BNB) prices topped $800, marking a new all-time high for the exchange-based asset in early trading on Wednesday in Asia. BNB has been on a tear lately, gaining more than 16% over the past week and almost 30% in the past month.

The latest move has pushed its market capitalization to $111.5 billion, which is about the same size as sports apparel giant Nike.

BNB hits a new ATH of 800$ pic.twitter.com/ejxZR9j8Rr

BNB Hits Milestone High

“Appreciations to all the ecosystem players, BTC maxis, ETH holders, meme traders, ETF applicants, treasury companies, good regulators, and utility builders,” said former Binance CEO Changpeng Zhao in celebration of the milestone.

The big move has added 300% to BNB price since its October 2023 bear market low of $200. The pump has followed news this week that Nasdaq-listed Nano Labs has become the first publicly listed company to create a BNB treasury with 120,000 BNB worth around $90 million at the time in reserves.

The Web3 infrastructure provider purchased an additional 45,685 BNB through over-the-counter (OTC) transactions at an average purchase price of $764 per token on Tuesday.

In June, the Chinese blockchain company announced a $500 million convertible notes deal to fund its BNB purchases with aims to acquire up to 10% of the circulating supply.

There is currently 139 million BNB in circulation out of a total supply of 200 million.

Update from Nano Labs (Nasdaq: $NA)

We’ve significantly increased our $BNB holdings to 120,000 BNB (~$90M), acquired at an avg. cost of $707/token — a major milestone in upgrading our BNB strategic reserve.

We’re building for the future of Web3.

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The move is part of a growing trend of crypto treasury companies that have started off with Bitcoin and Ethereum and are now branching into other altcoins.

Altcoins Are Moving

BNB is one of a number of altcoins that have seen explosive gains over the past couple of weeks as analysts eye altseason. Ethereum and XRP are the other two high-cap tokens that have skyrocketed.

Ether is up 67% over the past month, hitting a seven-month high of $3,800 this week, while the Ripple cross-border payments token surged to an all-time high of $3.65 on July 18.

Solana has performed well with a 24% gain on the week as it topped $200, but it remains down 31% from its January peak.

Dogecoin has pumped 35% in a week, but it is also down 64% from its 2021 all-time high. Meanwhile, Cardano has cranked 50% in a fortnight but is more than 70% down from its peak four years ago.