CEA Industries has successfully completed a $500 million private equity raise. The company announced that it will adopt BNB as its primary treasury reserve asset with the funding. The strategic investment round was led by YZi Labs, the family office of Binance founder and former CEO Changpeng Zhao. More than 140 leading investors, including Pantera Capital, GSR, Borderless Capital, Arrington Capital, Blockchain.com, Hypersphere Capital, dao5, Protocol Ventures, and Three Point Capital, participated in the funding round. CEA Industries' major financing move comes just one week after it announced a $500 million capital raise on July 28. Following the announcement, the company's stock has surged over 600% and is currently trading around $17.50. This increase brings the company's market capitalization to approximately $15 million. Related News: BREAKING NEWS: SEC Announces Good News Again! It Concerns Numerous Altcoins! Here's the Altcoin List The company will change its ticker symbol on Nasdaq from VAPE to BNC as of Wednesday. It will operate its new treasury strategy under the name “BNB Network Company.” According to the statement, an additional $750 million in funding could be raised if all of the warrants included in the private equity raise are exercised. The funds raised will be used directly to purchase BNB tokens, and the strategy will revolve around the BNB Chain ecosystem. While continuing its traditional business activities, CEA also plans to build a BNB-focused treasury structure. Along with this strategic transformation, the company has also restructured its senior management team. David Namdar, co-founder of Galaxy Digital and senior partner at 10X Capital, has been appointed CEA's new CEO. Russell Read, CIO of 10X Capital and former CIO of CalPERS, has been appointed CIO. Current CEO Tony McDonald will transition to chairman and retain his position on the board. *This is not investment advice. Continue Reading: Major Company Raises $500 Million for Surprise Altcoin, Plans to Purchase – CZ is Also Involved
