VAPE stock surges 700% thanks to BNB treasury plan worth 500 million USD!

Shares of Canadian company CEA Industries (#VAPE ) soared over 700% on Monday after the company announced plans to establish a cryptocurrency treasury worth 500 million USD, focused on BNB – the cryptocurrency of the Binance exchange.

Ambition to become the largest BNB "whale"

CEA Industries, in collaboration with 10x Capital and #YZILabs , is raising 500 million USD through a PIPE (private investment in public equity) offering, with the potential to raise an additional 750 million USD from exercised stock options. This could provide the company with a total of 1.25 billion USD to purchase BNB, the fifth largest cryptocurrency by market capitalization.

Future CEO of CEA Industries, David Namdar, stated that the goal is to create a listed treasury instrument in the U.S. to open the door for traditional investors to participate in the BNB Chain ecosystem transparently. CEA Industries, a company operating in the Canadian vape market, expects to finalize the financial agreement by July 31 and begin purchasing BNB. The company also intends to expand its holdings of $BNB over the next 12-24 months.

In addition to accumulating BNB, CEA Industries aims to generate revenue from its treasury through opportunities in staking and DeFi within the BNB ecosystem. This move comes as the price of BNB reached a new all-time high of 858.34 USD on Monday.