Nasdaq-listed CEA Industries Inc. announced on Aug. 5 the successful closing of a $500 million private placement offering to advance its BNB Treasury Strategy. The offering, led by Yzi Labs, delivered $500 million in gross proceeds and includes warrants that could provide up to an additional $750 million in cash if fully exercised.
In addition, the company said it will change its name to “ BNB Network Company” and its ticker symbol on the Nasdaq Stock Market from VAPE to BNC on Aug. 6, 2025. In a statement, the company said that the new ticker better reflects its new strategic focus on BNB as a primary treasury reserve asset. Remarking on this change, David Namdar, the incoming CEO of CEA Industries, said:
“Our new BNC ticker reflects a strategic realignment with the BNB Chain ecosystem and a clear focus on treasury growth. This is the first step in building a best-in-class, institutional-grade vehicle that gives investors transparent and secure access to one of the most active blockchain networks in the world.”
According to the statement, net proceeds from the offering will be used to purchase BNB, enabling the company to adopt BNB as its primary treasury reserve asset while continuing its core business operations.
The private placement drew participation from more than 140 subscribers, including a mix of institutional and crypto-native investors. Prominent participants included Yzi Labs, Pantera Capital, the G-20 Group, Arche Capital, Exodus Point, GSR, Borderless, Arrington Capital, and Blockchain.com, among others. The offering also saw participation from Rajeev Misra’s family office and the founders of Bitfury.
In a significant leadership change, Namdar, a co-founder of Galaxy Digital and a senior partner at 10X Capital, comes in as the CEO. He will be joined by Russell Read, CIO of 10X Capital, who will serve as the company’s new CIO. Former CEO Tony McDonald will transition to the role of president and remain on the board of directors.
10X Capital will serve as the asset manager of the BNB treasury strategy, with the support of Yzi Labs. Hans Thomas, founding partner and CEO of 10X Capital, and Alexander Monje, partner and CLO of 10X Capital, will also be joining the company’s board of directors.
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