BNB Network Company, a treasury management company affiliated with CEA Industries Inc. (BNC), has purchased 200,000 BNB tokens worth $160 million, according to a statement from the company.
This acquisition follows a $500 million private placement led by 10X Capital in partnership with YZi Labs to fund the company's treasury strategy focused on BNB tokens. BNC operates under a new ticker on the Nasdaq, after changing its previous ticker VAPE.
The company has appointed new leadership including David Namdar, co-founder of Galaxy Digital, as CEO, along with Russell Reed, former investment director at CalPERS, and Saad Najah, former director at Kraken. Hans Thomas and Alexander Monche from 10X Capital have also joined the board.
BNB ranks fourth in market capitalization among cryptocurrencies and serves as the native currency of the BNB Chain network. The blockchain network holds a total locked value of $12.3 billion and maintains an average daily trading volume of $9.3 billion as of July 2025, serving 250 million users.
BNC plans to continue purchasing BNB tokens until the initial treasury capital is fully invested, and may raise an additional amount of up to $750 million through its collateral structure. If this option is fully exercised, total proceeds could reach $1.25 billion for additional BNB token acquisitions.
The company positions itself as a platform that provides institutions with exposure to BNB without the need to directly own the tokens. BNC describes its strategy as building the largest institutional treasury of BNB tokens in the world.
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