CEA Industries Inc., a publicly traded company on Nasdaq, has announced a sweeping corporate transformation after securing a $500 million private placement led by YZi Labs. The funding kicks off a major strategic pivot for the company, which will now adopt Binance Coin (BNB) as its primary treasury reserve asset.
CEA Industries Inc., a publicly traded company on Nasdaq, has announced a sweeping corporate transformation after securing a $500 million private placement led by YZi Labs. The funding kicks off a major strategic pivot for the company, which will now adopt Binance Coin (BNB) as its primary treasury reserve asset.
This move includes a complete rebrand to the “” and a stock ticker change on Nasdaq from VAPE to BNC, which will be effective Wednesday, August 6, 2025.
The funding round, detailed in a on Tuesday, attracted over 140 investors, including well-known crypto firms like Pantera Capital, Blockchain.com, GSR, and dao5. The deal is structured as a (PIPE) that could eventually total $1.25 billion if all warrants are exercised.
The company stated that the substantial new capital will be used primarily to acquire BNB tokens and strengthen its position within the BNB Chain ecosystem. While CEA Industries plans to maintain its existing business operations, this pivot signals a broader trend of traditional companies aligning their financial strategies with native blockchain assets.
To lead the new strategy, a new management team has been put in place. David Namdar, co-founder of Galaxy Digital and a senior partner at 10X Capital, has taken the role of CEO. He is joined by Russell Read, a former executive at CalPERS and Deutsche Bank Asset Management, who will serve as Chief Investment Officer.
The company’s former CEO, Tony McDonald, will now step into the role of President, while 10X Capital’s Hans Thomas and Alexander Monje will join the board of directors.
The deal was managed by a team of high-profile financial and legal firms. Cantor Fitzgerald served as the sole placement agent and lead advisor, with Cohen & Company and Clear Street acting as financial consultants.
