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CEA Industries Inc., a Canadian vape company, saw its stock surge by 550% following its pivot into digital assets.
The entity announced it had priced an oversubscribed and upsized PIPE financing round, backed by 10X Capital and YZi Labs, in a bid to transform into a $BNB-focused treasury vehicle.
$BNB Treasury Move
In an official press release, CEA said that it aims to become the largest publicly traded $BNB treasury company in the United States and bring institutional exposure to Binance’s native Layer 1 blockchain asset. The PIPE, priced above market, attracted over 140 subscribers from across the globe, including leading crypto investment firms like Pantera Capital, GSR, and Blockchain.com.
Post-closing, CEA said that it plans to begin deploying capital into $BNB. The company’s new leadership includes crypto veterans David Namdar (Galaxy Digital co-founder), Russell Read (former CIO of CalPERS and Deutsche Bank Asset Management), and Saad Naja (formerly of Kraken and Exinity).
This pivot represents one of the first institutional-scale vehicles providing $BNB exposure through public markets.
Talking about the development, Namdar said,
“$BNB Chain is one of the most widely used blockchain ecosystems globally, yet institutional access has been limited until now. By creating a US-listed treasury vehicle, we are opening the door for traditional investors to participate in a transparent way. This is a significant step in bridging digital assets and mainstream capital markets.”
Treasury Diversification Ramps Up
The latest development comes just days after Nasdaq-listed Windtree Therapeutics announced plans to raise $520 million to expand its $BNB crypto reserves. The raise includes a $500 million equity line of credit (pending shareholder approval) and a $20 million stock purchase agreement with Build and Build Corp.
It said 99% of proceeds will go toward acquiring $BNB. The company has partnered with Kraken for custody and trading support.
Windtree joins a growing list of firms, including Nano Labs, turning to $BNB over Bitcoin or Ethereum as institutional altcoin adoption gains momentum.