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Quick take:
YZi Labs led the round with participation from Pantera Capital, GSR, Arrington Capital, Reciprocal Ventures, Blockchain.com, and others.
10X Capital will serve as the asset manager of the BNB treasury strategy.
David Namdar (Co-Founder, Galaxy Digital and Senior Partner, 10X Capital) joins the Company as CEO.
CEA Industries has closed a $500 million private placement offering for its BNB-focused crypto treasury strategy.
YZi Labs led the round with participation from multiple institutional and crypto-native investors, including Pantera Capital, G-20 Group, Arche Capital, Exodus Point, GSR, Borderless, Arrington Capital, Blockchain.com, Hypersphere Capital, Kenetic, dao5, Protocol Ventures, Reciprocal Ventures, G-20 Group, Three Point Capital, Propel Horizon, Exinity, Winone, Nano Labs, and Al Mal Capital.
The company plans to use the net proceeds from the offer to fund a treasury portfolio anchored with BNB crypto. 10X Capital will serve as the asset manager of the BNB treasury strategy, with David Namdar (Co-Founder, Galaxy Digital and Senior Partner, 10X Capital) joining the Company as CEO.
CEA Industries also said in the press release seen by NFTgators that beginning Wednesday, August 6, it will change its ticker symbol from VAPE to BNC on Nasdaq.
“Our new BNC ticker reflects a strategic realignment with the BNB Chain ecosystem and a clear focus on treasury growth,” said David Namdar, incoming CEO of CEA Industries Inc. “This is the first step in building a best-in-class, institutional-grade vehicle that gives investors transparent and secure access to one of the most active blockchain networks in the world.”
The company also expects to raise up to $750 million in additional cash from exercised warrants, issued as part of the private placement.
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