Emre Yumlu 
CEA Industries Inc. (“CEA” or the “Company”) has officially closed a $500 million private placement round as of August 5, 2025, with YZi Labs leading the investment. This capital raise is aimed at fueling the company’s strategic shift toward a BNB-focused treasury model.
In addition to the initial $500 million gross proceeds, the private placement includes warrants which, if fully exercised, could bring in up to an additional $750 million in cash—significantly expanding the company’s financial capabilities.
New Tickers on Nasdaq: “BNC” and “BNCWW”
Effective Wednesday, August 6, 2025, CEA’s common stock will begin trading under the new ticker symbol “BNC” on the Nasdaq, while its publicly traded warrants will appear under “BNCWW”. This ticker update reflects the company’s renewed identity centered around its BNB treasury strategy. Moving forward, CEA will operate under the name “BNB Network Company.”
A Strategic Turning Point for BNB Adoption by CEA Industries
Incoming CEO David Namdar emphasized the significance of the change: “Our new ticker, BNC, represents strategic alignment with the BNB Chain ecosystem and a clear direction toward treasury growth.” He described the initiative as a major step in creating an institutional-grade vehicle offering investors secure, transparent access to one of the world’s most active blockchain networks.
As part of the treasury strategy, the company plans to acquire BNB as its primary reserve asset, utilizing the net proceeds from the raise for direct purchases.
Leadership Changes to Drive Vision
10X Capital will act as the asset manager for the BNB treasury strategy, with continued support from YZiLabs throughout the implementation.
Over 140 investors joined the funding round, including notable institutional and crypto-native backers like Pantera Capital, G-20 Group, Arche Capital, Exodus Point, GSR, Arrington Capital, Blockchain.com, Kenetic, and dao5. Key figures such as the Bitfury founders and Rajeev Misra’s family office were also among the participants.
As part of this evolution, David Namdar—co-founder of Galaxy Digital and a senior partner at 10X Capital—has taken over as CEO. Russell Read, former CIO of CalPERS and Deputy CIO at Deutsche Bank Asset Management, has joined as CIO. Meanwhile, former CEO Tony McDonald transitions into the role of President and retains his position on the board of directors.
Additionally, Hans Thomas (Founder and CEO of 10X Capital) and Alexander Monje (Partner and CLO at 10X Capital) will join the board, further strengthening the company’s strategic oversight.
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