Canadian Firm Soars 550% on Plans to Lead U.S. BNB Treasury Holdings
Main Idea
CEA Industries Inc. (VAPE) experienced a significant stock surge after announcing plans to raise $1.25 billion to acquire Binance Coin (BNB), aiming to provide institutional and retail investors exposure to the BNB Chain ecosystem.
Key Points
1. CEA Industries Inc. (VAPE) saw its shares surge nearly 550%, closing at $57.59, though it dipped slightly to $53.61 in after-hours trading.
2. The company plans to raise $500 million through a share sale to private investors, with an additional $750 million potentially available, totaling $1.25 billion for BNB acquisition.
3. CEA is collaborating with 10X Capital and YZi Labs, the latter previously associated with Binance co-founder Changpeng Zhao, to develop a U.S.-based BNB treasury vehicle.
4. Incoming CEO David Namdar stated the move aims to provide broader access to the BNB Chain ecosystem, which has been limited for U.S. investors.
5. Binance co-founder Changpeng Zhao holds 98.5% of his crypto assets in BNB, and Binance controls about 71% of circulating BNB tokens, though it no longer develops the token or blockchain.
6. CEA announced leadership changes, with 10X Capital executives taking key roles, including David Namdar as CEO and Russell Read as Chief Investment Officer.
7. CEA recently entered the Canadian nicotine vape market by acquiring Fat Panda in early June.
Description
Shares in Canadian vape firm CEA Industries Inc. (VAPE) surged nearly 550% on Monday following the announcement of an ambitious plan to become the largest publicly traded BNB treasury holder in the United States. VAPE closed at $57.59, marking a 549% jump from Friday’s closing price of $8.88. The rally brought the stock to its highest close in more than three years, although it dipped slightly to $53.61 in after-hours trading. $1.25 Billion to Acquire BNB CEA Industries revealed it plans to rais...
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