BNC, a subsidiary of CEA Industries, announced Sunday that it purchased 200,000 BNB for $160 million, effectively becoming the largest publicly listed holder of the cryptocurrency. The company purchased through its treasury management subsidiary, BNB Network Company.
Last month, the Nasdaq-listed company announced that it is shifting its primary focus from nicotine vapes to building a BNB treasury, changing its ticker symbol from VAPE to BNC. It recently closed a $500 million private placement to support the treasury strategy, led by 10X Capital and Changpeng Zhao’s YZi Labs.
“Deflationary token burns, increasing on-chain activity, and potential catalysts such as a BNB spot ETF make the asset a compelling long-term play,” BNC wrote in its press release.
The company said it aims to bring more institutional presence to the BNB ecosystem, which is currently underrepresented in the U.S.
BNC said it will continue buying BNB until the initial treasury capital is depleted, and may opt for additional capital worth $750 million via its warrant structure, potentially acquiring $1.25 billion worth of BNB in total.
The trend of corporate crypto treasuries has expanded beyond Bitcoin and Ether, with companies establishing treasuries based on altcoins such as BNB, XRP, and Solana. Other companies, Nano Labs and Windtree, have recently committed around $500 million to their respective BNB treasuries.
BNB is currently the fourth largest cryptocurrency by market capitalization, and is the native token of BNB Chain, which is the third largest chain by total value locked. The cryptocurrency is up 1% in the past day to trade at $820.5, according to The Block’s BNB price page.
According to Google Finance data, CEA Industries closed up 3.7% at $17.10 on the Nasdaq last Friday, up more than 92% since it announced its BNB strategy.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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