TLDR
- CEA Industries is raising $500 million through a private placement to build a BNB treasury.
- The total funding could reach $1.25 billion if all warrants are exercised.
- Over 140 investors including Pantera Capital and Blockchain.com have participated in the offering.
- The funding includes $400 million in cash and $100 million in crypto contributions.
- 10X Capital and YZi Labs co-led the deal and will oversee the BNB treasury management.
CEA Industries will raise up to $1.25 billion through a private placement to build a long-term BNB treasury. The company structured the deal as a PIPE, securing $400 million in cash and $100 million in crypto assets. With warrant provisions included, the funding could reach $1.25 billion upon full execution.
The financing drew participation from over 140 investors, including institutional and crypto-native backers. This marks one of the largest crypto-aligned placements by a U.S.-listed public company. The offering positions CEA Industries as a leading BNB treasury-focused firm on the Nasdaq Capital Market.
10X Capital and YZi Labs co-led the transaction, with 10X Capital also assuming the role of BNB treasury asset manager. The deal will close on or around July 31, 2025. Upon closing, CEA Industries will immediately launch its BNB treasury strategy.
Institutional Support Strengthens BNB Treasury Strategy
The BNB treasury strategy gained strong support from major market participants, including Pantera Capital, Blockchain.com, and YZi Labs. These firms committed to the PIPE structure due to rising confidence in blockchain-focused corporate strategies. Their involvement signals increased institutional alignment with BNB as a strategic reserve asset.
10X Capital brings experience in both digital assets and traditional finance, helping structure the placement and manage the treasury. The partnership aims to deploy a structured and scalable BNB treasury model. This dual expertise supports disciplined growth of CEA Industries’ crypto exposure.
The company’s Nasdaq-listed status under ticker “VAPE” remains unchanged. However, the firm has shifted from its prior focus to becoming a blockchain-aligned treasury management entity. It also pledged transparency around holdings, governance, and market actions related to its BNB treasury.
BNB Treasury Model Targets Strategic Accumulation
CEA Industries plans to accumulate BNB over the next 12 to 24 months using both market and blockchain-native techniques. The company expects to leverage capital markets strategies while accessing yield opportunities across the Binance ecosystem. These may include crypto lending, staking, and other on-chain yield protocols.
BNB is currently the fifth-largest cryptocurrency globally, with a market capitalization above $116 billion. The firm sees this as a viable asset for long-term reserves and yield-generating activity. Its BNB treasury model reflects a shift in public market strategy toward blockchain integration.
The executive team now includes David Namdar as CEO and Russell Read as Chief Investment Officer. Both leaders bring extensive backgrounds in digital finance and institutional asset management. Saad Naja joins them, adding operational strength to the leadership team.
