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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This isn’t just another crypto venture; it’s a strategic push to institutionalize access to one of the industry’s most powerful tokens — and potentially shift how digital assets are adopted at scale.

A Public Gateway Into BNB

YZi Labs, the investment arm linked to CZ, has announced support for a new BNB treasury company, developed in partnership with 10X Capital. The firm plans to go public on a major US stock exchange and will be led by David Namdar — co-founder of Galaxy Digital and a senior partner at 10X Capital.

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The new company, named only as “BNB Treasury Company” for now, aims to give investors compliant and scalable access to BNB. Ella Zhang of YZi Labs highlighted that expanding institutional access to BNB Chain can “deliver meaningful benefits to the broader public.”

Institutional Interest in BNB on the Rise

10X Capital’s CEO Hans Thomas called BNB Chain “one of the largest, highest-performing ecosystems globally,” yet pointed out that US investors have limited exposure to its growth. The planned IPO aims to bridge that gap.

Despite past regulatory challenges, BNB has maintained momentum, rising 1.3% in the past 24 hours to above $670. Meanwhile, Forbes reported that CZ and Binance together control nearly 96% of the BNB supply — with CZ alone holding over $63 billion worth.

The firm expects to finalize its funding round in the coming weeks, with many more teams reportedly exploring similar BNB treasury strategies.

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