CEA Industries Inc. (Nasdaq: VAPE) has announced a $500 million private placement offering (PIPE) to establish what it claims will be the largest publicly listed treasury of Binance Coin (BNB) in the United States. The offering comprises $400 million in cash and $100 million in cryptocurrency, with the potential to raise an additional $250 million through the exercise of warrants.
The initiative positions the company to offer institutional and retail investors regulated exposure to BNB, the fourth-largest cryptocurrency by market capitalization. BNB, which powers the Binance ecosystem, supports decentralized finance (DeFi), payments, and Web3 infrastructure used by more than 280 million users globally.
The PIPE is backed by more than 140 institutional and crypto-native participants, including Pantera Capital, Arrington Capital, GSR, Blockchain.com, Kenetic, and Olaf Carlson-Wee. Treasury management will be handled by 10X Capital with technical support from YZi Labs.
Following the company’s planned restructuring, expected to be completed by July 31, CEA will begin acquiring BNB. The firm plans to manage its holdings using risk-mitigated strategies such as staking and lending.
New Leadership
CEA has also announced a new executive team to lead the initiative. David Namdar, co-founder of Galaxy Digital, has been appointed Chief Executive Officer. Russell Read, former Chief Investment Officer at CalPERS and Deutsche Bank Asset Management, will serve as CIO, while Saad Naja, a former board member at Exinity and director at Kraken, joins as a senior advisor.
BNB Treasury as an Investment Vehicle
The company will retain its Nasdaq ticker symbol “VAPE” and intends to publish regular disclosures related to its treasury activities, including BNB purchases, staking performance, and on-chain participation.
This announcement comes amid growing institutional interest in digital assets beyond Bitcoin. With a current market cap of over $100 billion, BNB is the fourth-largest cryptocurrency globally. CEA’s new role offers regulated access to BNB for U.S.-based institutional and retail investors, marking a shift in how altcoin treasuries might evolve on public markets.
According to CEA, the move is part of a broader effort to bridge traditional finance and the digital asset economy by offering compliant, long-term access to one of the most active blockchain networks in the market.
Also Read: Windtree Therapeutics Plans $520 Million BNB Treasury Strategy
