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Shares of Canadian vape company CEA Industries Inc. (VAPE) surged nearly 550% on Monday following a dramatic business shift. The company revealed plans to transform into a BNB-focused treasury firm, drawing strong investor interest and sparking a sharp rally in its stock.
VAPE shares closed at $57.59, up significantly from Friday’s close of $8.88. Despite a 7% dip in after-hours trading to $53.61, the surge marked the stock’s highest close in over three years.
CEA’s Bold Pivot into BNB
Earlier in the day, CEA Industries revealed its intention to become the largest publicly traded BNB treasury company in the United States. As part of this transition, the company plans to raise $500 million through a private share sale. Additionally, it could gain access to another $750 million in capital through exercised warrants, potentially unlocking a total of $1.25 billion.
This massive capital reserve is expected to be used to accumulate BNB, Binance’s native token, and open the BNB ecosystem to institutional and retail investors alike.
The firm is collaborating with 10X Capital and YZi Labs—an entity previously described as the family office of Binance co-founder Changpeng Zhao. Earlier this month, YZi Labs declared its support for 10X Capital in creating a U.S.-listed BNB treasury company.
A New Gateway for Traditional Investors
David Namdar, senior partner at 10X Capital and incoming CEO of CEA Industries, expressed confidence in the strategic pivot. He stated, “By creating a U.S.-listed treasury vehicle, we are opening the door for traditional investors to participate in a transparent way.”
Namdar, who also co-founded and previously co-led trading at Galaxy Digital, emphasized the significance of BNB in the blockchain space. “BNB Chain is one of the most widely used blockchain ecosystems globally, yet institutional access has been limited until now.”
CEA Industries aims to continue increasing its BNB holdings over the next two years using market offerings and proven investment strategies. The company also plans to generate revenue through staking and lending activities.
Crypto Stockpiling Trend Gains Momentum
The move reflects a growing trend among public companies pivoting toward cryptocurrency investments. In 2025, several firms have revealed similar shifts to accumulating crypto assets, often resulting in substantial short-term share price boosts.
BNB, currently trading just below $830, hit an all-time high above $858 earlier on Monday. Although it dipped slightly by 1.8% in the past 24 hours, investor sentiment remains optimistic following CEA’s reveal.
Binance and Zhao’s Strong BNB Ties
The BNB token has deep ties to Binance. started in 2017 by the exchange, BNB plays a critical role in the Binance ecosystem, offering holders perks such as reduced trading fees. Despite regulatory pressure, Binance remains closely associated with the token.
Changpeng Zhao (CZ), Binance’s co-founder, revealed in February that 98.5% of his crypto holdings were in BNB. According to Forbes, CZ and Binance together controlled around 71% of the BNB tokens in circulation as of June 2024.
Although Zhao stepped down from managing Binance following a U.S. plea deal over money laundering charges, he remains its largest shareholder, and his influence in the crypto space continues to be significant.
Executive Reshuffle and Fat Panda Acquisition
As part of the transformation, CEA Industries is bringing in several executives from 10X Capital. Namdar will serve as CEO, while Russell Read, 10X Capital’s Chief Investment Officer, will take on the same role at CEA. Former Kraken product management director Saad Naja will also join the management team.
This pivot follows CEA’s recent acquisition of Canadian vape retailer and manufacturer Fat Panda in June, which marked its entry into the nicotine vaping market.
Final Thoughts
CEA Industries’ pivot toward a BNB treasury model is one of the boldest corporate crypto strategies seen this year. Backed by influential players like 10X Capital and YZi Labs, and with deep ties to Binance co-founder CZ, the firm aims to open new investment avenues into the BNB ecosystem for U.S. investors.
With up to $1.25 billion potentially flowing into BNB, the move could not only reshape CEA’s future but also signal a broader institutional shift into BNB and other blockchain-based assets.
