Original ｜Odaily Planet Daily（@OdailyChina）

Author｜Golem（@web3_golem）

CEA Industries (BNC) finally迎来了 its highlight moment.

Due to the tokenized stock model 4Stock launched by Four.meme, BNC has become the first on-chain stock, and the pre-market increase of BNC has exceeded 60%. The Meme stock on the BSC chain is still in chaos, but BNC, as a paired asset, will be favorable for BNC regardless of who ultimately prevails. (Related reading:Single coin A7 surged over 50% in 3 hours, BNC pre-market rose over 50%, BSC coin stock Meme flywheel restarted.)

The unexpected success in completing the "Meme coin pricing stock" transmission chain is CEA Industries (BNC), which once faced delisting risks and even misled CZ.

BNC's last major attention came from the dispute between the company’s board of directors and YZi Labs. Since November 2025, YZi Labs has been fighting for governance control of CEA Industries against the company's board led by David Namdar, who secretly transferred millions of dollars from CEA Industries into his name. YZi Labs demanded an expansion of CEA Industries' board seats, and the back-and-forth between both factions was as thrilling as a business blockbuster. Interested readers can read the previous article by Odaily “Was CZ also cut? The bloody battle for control of CEA Industries by BNB treasury”.

As of today, the six-month dispute has concluded, with YZi Labs gaining control of the company, and BNC is steadily getting back on track.

YZi Labs Takes Back BNC

On June 23, 2026, CEA Industries announced the signing of a cooperation agreement with YZi Labs, which mainly includes three points:

• First, Ella Zhang, Alex Odagiu, and Matthew Roszak are appointed as company directors, all three belong to the YZi Labs camp. The new board of CEA Industries has a total of six seats, with the remaining three individuals being Carly E. Howard, Annemarie Tierney, and Glenn Tyranski, which means the YZi Labs camp at least holds half of the control over CEA Industries.
• Second, Alex Odagiu has been appointed as the interim president and will report directly to the board until a new CEO is appointed. Thus, CEA Industries is currently entirely under the responsibility of Alex Odagiu, who is also an investment partner at YZi Labs.
• Third, YZi Labs has also terminated the action to solicit consent for the expansion of CEA Industries' board and has withdrawn relevant records and record date requests.

Although the reason for both parties reaching this agreement is unknown, the outcome is that YZi Labs has regained control of CEA Industries. CEA Industries’ transformation into BNB treasury was entirely supported by YZi Labs, which led a $500 million private financing round. Therefore, from the investors' perspective, "stakeholders are making a strong push" is a huge benefit for BNC.

On July 22, CEA Industries held the 2026 shareholders' meeting, which had been intentionally delayed by David Namdar. On the same day, the board appointed the company's CFO William B. Miller as the interim CEO. William B. Miller’s role as interim CEO does not conflict with Alex Odagiu’s interim presidential responsibilities.

William B. Miller’s position as interim CEO is merely a legal concept under SEC regulations, representing a CEO in the sense of reporting upwards, rather than the traditional "CEO overseeing the entire company." According to the company’s bylaws, Alex Odagiu's interim presidential position has a monthly salary of $25,000, mainly responsible for maintaining investor relations, connecting with parties related to the BNB ecosystem, external communication around BNB treasury/digital asset strategy, etc., but he does not oversee daily operations, cannot sign contracts on behalf of the company, cannot hire, and cannot manage finances.

Therefore, Alex Odagiu is more like a strategic/IR interim president sent by YZi Labs to CEA Industries, with William B. Miller and Alex Odagiu splitting the functions of the original CEO. Perhaps due to the lack of a CEO, CEA Industries' business has seen little progress over the past few months.

According to the company’s report released on June 23 for the fiscal year 2026, as of April 30, 2026, CEA Industries held a total of 515,544 BNB tokens, worth approximately $380 million; the net profit for the entire fiscal year 2026 was $115.2 million, equivalent to a diluted earnings per share of $2.52; during this fiscal year, the company repurchased 1,434,112 shares of common stock at a price of $3.8 million.

The current dashboard on the official website shows that CEA Industries' BNB reserve remains at 515,544 units, with an average cost of $855, significantly higher than the current BNB price. This indicates that CEA Industries has not increased its holdings of BNB for at least over 4 months, which can essentially be considered a halt in operations for a company focused on the BNB treasury.

NBC Dashboard

This stagnation can also be explained by the recent adjustments in the company’s governance structure and personnel changes, but even so, CEA Industries remains the publicly-listed treasury company with the largest reserve of BNB. Simply from the perspective of stock price, combined with the enthusiasm for this round of BSC coin stock pairing Meme, BNC seems to be severely undervalued.

BNC is Severely Undervalued, Is an $8.9 Million Buy Order on the Way?

On September 8, BNC rose due to the 1:1 pegged on-chain stock token BNC4, and CZ also retweeted his comments during an interview in July regarding CEA Industries. CZ stated that he is not worried about CEA Industries because several members within YZi Labs have also invested their own money into CEA Industries, and based on their self-interest, CZ believes they will manage the company well.

Alex Odagiu has even changed his avatar to an image featuring a cap that reads “MAKE BNC GREAT AGAIN.”

In July last year, when YZi Labs announced that CEA Industries would become the BNB treasury company, its stock price surged from $8.88 to $68.76 in a single day, increasing by over 670%. At that time, BNC was riding the DAT narrative cycle; can it now ride the wave of the coin stock pairing Meme narrative to soar again?

From the mNAV and market capitalization perspectives, BNC is indeed undervalued.

Calculating at the current BNC price, CEA Industries’ mNAV is still below 1, around 0.5, and to bring the mNAV back above 1, the BNC price needs to reach at least $9.39, with a market capitalization exceeding $3.87 billion. The personnel changes at CEA Industries have just concluded, and further company operations may be in planning, making this a potentially good time to buy BNC at a discount.

The biggest buy order for BNC comes from Four.meme, who previously stated that over $2 million is queued to mint BNC4. According to the latest statistics from Odaily, as of press time, the BNC4 mint deposit address has allegedly received over $8.9 million, and these funds will ultimately be used to purchase BNC’s underlying stock in the stock market.

The current market cap of BNC is about $140 million, categorizing it as a micro-cap stock. This over $8.9 million buy order is sufficient to boost BNC's stock price; the only concern is the timing of the purchase.

Additionally, even if there is a timing difference in Four.meme's purchase, BNC is currently in the narrative trend of stocks rising driven by on-chain Meme, and a significant amount of FOMO funds will pour into BNC, potentially rivaling last year's DAT frenzy. Furthermore, if BNC resumes increasing its holdings of BNB, the pairing of BSC coin stock Meme will eventually establish the transmission path of Meme coin → BNC4 → BNC → BNB, and the final beneficiaries will still be the BSC ecosystem.

Whether this logic can be validated will depend on BNC's recent performance.

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