Shares of CEA Industries Inc. (NASDAQ:VAPE) rose over 3% in Tuesday's after-hours trading after the nicotine vape company completed a $500 million private offering to adopt BNB Coin (CRYPTO: BNB) as its primary treasury reserve asset.
VAPE shares trended up modestly. Track live prices here.
CEO Underlines Strategic Realignment With BNB Ecosystem
Over 140 investors participated in the round, led by YZi Labs, a venture capital firm that operates as a family office for Binance co-founder Changpeng Zhao
Proceeds from the placement will be used to acquire and adopt BNB, worth over $100 billion in market capitalization, as a treasury reserve asset. The company may raise up to an additional $750 million via warrants and will rebrand as "BNB Network Company" under the ticker "BNC."
""Our new BNC ticker reflects a strategic realignment with the BNB Chain ecosystem and a clear focus on treasury growth," David Namdar, incoming CEO of CEA Industries, said.
See Also: Why Crypto Investors Are Receiving Internal Revenue Service Warning Letters
Crypto Treasury Wave Sweeps Wall Street
Several Wall Street firms have lately been replicating the playbook popularized by Strategy Inc. (NASDAQ:MSTR), which involves buying and holding cryptocurrency in corporate reserves.
While Strategy focuses on Bitcoin (CRYPTO: BTC), approaches based on Ethereum (CRYPTO: ETH), Tron (CRYPTO: TRX) and even Dogecoin (CRYPTO: DOGE) have also emerged.
Price Action: At the time of writing, BNB was trading at $761.04, down 0.16% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the stock has gained more than 7%.
Shares of CEA Industries closed 1.61% higher at $17.71 during Tuesday’s regular trading.
As of this writing, the stock demonstrated a moderately high Value score. Visit Benzinga Edge Stock Rankings to see how Strategy, the pioneer of cryptocurrency treasury play, fares on this metric.
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