Investment of $25.6 million facilitated through six funds, directed at various fund managers, into the world's largest public Treasury company specializing in BNB.
In a groundbreaking move, CEA Industries Inc., the world's largest digital assets infrastructure by volume with over 280 million users in more than 180 countries, has announced a $500 million private placement. The aim is to create the largest publicly traded BNB treasury company in the United States, trading on Nasdaq under the ticker BNC (formerly VAPE).
This ambitious initiative marks one of the most significant attempts to bring digital asset treasuries into traditional capital markets. The new company, with initial holdings of over 325,000 BNB tokens valued at more than $160 million, could potentially reach up to $1.25 billion via warrants.
Key investors backing this treasury company include 10X Capital, which led the private placement, YZi Labs, and over 140 institutional investors. Notable crypto and investment professionals are part of the leadership team. David Namdar, co-founder of Galaxy Digital, has been appointed CEO, while Russell Read, former CIO of CalPERS, and Saad Naja, former Kraken director, are also on board. Board members from 10X Capital, including Hans Thomas and Alexander Monje, have also joined the team.
The strategy represents a major institutional adoption milestone, offering regulated, Nasdaq-listed exposure to BNB, the fourth-largest cryptocurrency by market cap. The stock surged significantly following the announcement, reflecting market enthusiasm.
The new BNB treasury vehicle will primarily hold Binance's native BNB token, providing opportunities to generate income and rewards on the BNB Chain and Binance ecosystem. The BNB Chain's native token, $BNB, is the fourth-largest cryptocurrency in the world with a market cap over $100B.
Allocations, a global fund administrator, has structured $25.6 million through six investment vehicles for this private placement, organized by CEA Industries Inc. (Nasdaq: VAPE) and 10X Capital. Notable participants in the round include Pantera Capital, Chainfund Capital, Arrington Capital, Borderless, GSR, Advani Family Office, Hypersphere Capital, and over 140 additional subscribers.
The funding is oversubscribed and backed by YZi Labs, the family office of Binance founder Changpeng Zhao. David Namdar, incoming CEO of CEA Industries, has expressed excitement about the partnership with Allocations, while Kingsley Advani, CEO and Founder of Allocations, has expressed continued interest in top cryptocurrencies.
This development is a significant step towards institutional adoption of cryptocurrencies, offering regulated access to the BNB Chain ecosystem for institutional investors. The stock market's positive response to the announcement underscores the growing interest in digital assets among traditional investors.
- Ffnews.com reported that the new BNB treasury company, aiming to be the largest publicly traded BNB treasury company in the United States, will primarily focus on investing in technology, specifically Binance's native BNB token.
- With over 140 institutional investors, including key players such as 10X Capital, YZi Labs, and Galaxy Digital's David Namdar, the venture plans to create substantial financial growth through investments in the finance sector, leveraging the power of technology.
