BNB Network Company, the treasury management arm of Nasdaq-listed CEA Industries Inc. (ticker: BNC), has acquired 200,000 Binance Coin (BNB) tokens for approximately $160 million. This acquisition positions BNC as the largest corporate holder of BNB globally, according to an official announcement via GlobeNewswire.
The purchase was funded through a $500 million private placement led by 10X Capital in partnership with YZi Labs. It marks a strategic pivot for the company—formerly known as VAPE—toward a crypto-first treasury strategy focused exclusively on BNB as its primary reserve asset. Leadership includes CEO David Namdar (co-founder of Galaxy Digital), Russell Read (former CalPERS Chief Investment Officer), and Saad Naja (ex-Kraken executive), with 10X Capital's Hans Thomas and Alexander Monje joining the board.
BNB was selected due to its role as the native token of BNB Chain—the fourth-largest cryptocurrency by market cap and third-largest by total value locked ($12.3 billion). The token's deflationary supply model, daily trading volume averaging $9.3 billion (as of July 2025), and potential for a spot ETF were key factors. BNC highlighted BNB's service to over 250 million users and its underrepresentation among U.S. institutional investors as growth opportunities.
The $160 million purchase is the first phase of a broader strategy to deploy the full $500 million allocation. BNC also holds warrants that could provide an additional $750 million, potentially scaling its BNB treasury to $1.25 billion. This model offers institutional investors indirect exposure to BNB through regulated channels, aligning with increasing demand for crypto investment vehicles.