CEA Industries Inc., a Canadian vape company, saw its stock surge by 550% following its pivot into digital assets.

The entity announced it had priced an oversubscribed and upsized PIPE financing round, backed by 10X Capital and YZi Labs, in a bid to transform into a BNB-focused treasury vehicle.

BNB Treasury Move

In an official press release, CEA said that it aims to become the largest publicly traded BNB treasury company in the United States and bring institutional exposure to Binances native Layer 1 blockchain asset. The PIPE, priced above market, attracted over 140 subscribers from across the globe, including leading crypto investment firms like Pantera Capital, GSR, and Blockchain.com.

Post-closing, CEA said that it plans to begin deploying capital into BNB. The companys new leadership includes crypto veterans David Namdar (Galaxy Digital co-founder), Russell Read (former CIO of CalPERS and Deutsche Bank Asset Management), and Saad Naja (formerly of Kraken and Exinity).

This pivot represents one of the first institutional-scale vehicles providing BNB exposure through public markets.

Talking about the development, Namdar said,

BNB Chain is one of the most widely used blockchain ecosystems globally, yet institutional access has been limited until now. By creating a US-listed treasury vehicle, we are opening the door for traditional investors to participate in a transparent way. This is a significant step in bridging digital assets and mainstream capital markets.

Treasury Diversification Ramps Up

The latest development comes just days after Nasdaq-listed Windtree Therapeutics announced plans to raise $520 million to expand its BNB crypto reserves. The raise includes a $500 million equity line of credit (pending shareholder approval) and a $20 million stock purchase agreement with Build and Build Corp.

It said 99% of proceeds will go toward acquiring BNB. The company has partnered with Kraken for custody and trading support.

Windtree joins a growing list of firms, including Nano Labs, turning to BNB over Bitcoin or Ethereum as institutional altcoin adoption gains momentum.