Binance founder Changpeng Zhao (CZ) celebrated the 550% rally in CEA Industries (NASDAQ: VAPE) on Monday, after the firm disclosed its BNB Treasury plan. CZ acknowledged the VAPE stock rally, closing at $57.5 after yesterday’s trading session. BNB price touched an all-time high, shooting to $860, with daily trading volume shooting past $3 billion.
Changpeng Zhao Praises CEA (VAPE) Stock Rally
On Monday, July 28, the stock price of CEA Industries (NASDAQ: VAPE) soared by over 560%, following a $500 million private investment in public equity (PIPE) deal with 10X Capital, supported by YZi Labs. The agreement includes $400 million in cash and $100 million in BNB cryptocurrency.
This development got the attention of Binance co-founder Changpeng Zhao, who couldn’t resist tweeting. “Power of BNB. Also attracts more money to buy BNB,” wrote Zhao in his message on X platform.
BNB founder Changpeng Zhao underscored the growing influence of BNB, noting its rising momentum in the crypto market. Through his latest post, Zhao meant that the CEA Industries stock rally will create a MicroStrategy-like flywheel effect, wherein more capital inflows would lead to more BNB purchases by institutions, which would further push the stock higher.
With BNB price rallying to all-time highs, Changpeng Zhao’s crypto portfolio has hit a massive $80 billion. The Binance founder is reportedly holding 94 million BNB coins i.e. 64% of the total circulating supply. With the recent BNB rally, the altcoin has extended its lead over rival Solana, following a close contest last week when SOL price surged past $200.
BNB Treasury Corporate Demand on Rise
The demand for building a BNB Treasury among publicly listed firms has been on the rise recently. Apart from CEA Industries, other Nasdaq-listed firms have pledged a significant portion of their capital to build their strategic BNB reserves. With CEA in the fold, the total corporate commitment to BNB treasuries has surged to over $2 billion as of now.
This shows growing institutional confidence in the overall growth of the Binance ecosystem. With institutional capital flowing in, BNB price could be ready for higher gains, with immediate targets of $1,000.
Bhushan Akolkar
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.
He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
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