CEA Industries, an American company in the vaping sector with operations in Canada, announced the acquisition of USD 500 million in BNB, the native token of Binance. The operation —part of a new institutional strategy— will finance its treasury reserves without affecting its business operations.
The capital comes from a private placement of shares led by YZi Labs, with financial backing from Cantor Fitzgerald, Clear Street, and Cohen & Company. The agreement includes warrants that could raise the total investment to USD 1.250 billion if fully exercised.
David Namdar, new CEO of CEA and co-founder of Galaxy Digital, stated: "We are strategically realigning with BNB Chain to transparently and securely access one of the most active Bitcoin ecosystems." The legality of the process was ensured by firms such as Winston & Strawn LLP and DLA Piper.
Among the more than 140 investors are Pantera Capital, GSR, Blockchain.com, Arrington Capital, founders of Bitfury, and the family fund of Rajeev Misra.
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