Shares of CEA Industries (VAPE) surged over 700% following the announcement of a $500 million plan to establish a treasury focused on BNB, the cryptocurrency from Binance. The company, which trades on Nasdaq, is collaborating with 10X Capital and YZi Labs to raise funds via a private investment in public equity (PIPE), potentially amassing up to $1.25 billion for BNB acquisitions. The move aims to enhance institutional access to the BNB blockchain ecosystem. CEA Industries, active in the Canadian vape market, recently rebranded with the VAPE ticker. The financing is expected to close on July 31, enabling the firm to begin its BNB investments. This trend follows similar strategies employed by other companies like MicroStrategy, which has successfully accumulated Bitcoin for its treasury. In the backdrop of BNB hitting an all-time high earlier in the week, CEA Industries is evaluating additional opportunities within DeFi and staking to further leverage its crypto treasury.

Source đź”—