VAPE Stock Pops As Company Rebrands, Adopts BNB In $500 Million Crypto Pivot —Changpeng Zhao's VC Firm Leads Investment

Shares of CEA Industries Inc. VAPE rose over 3% in Tuesday's after-hours trading after the nicotine vape company completed a $500 million private offering to adopt BNB Coin BNB/USD as its primary treasury reserve asset.

VAPE shares trended up modestly. Track live prices here.

Trade Bitcoin, Ethereum, and More Instantly — No Wallets, No Hassle

Speculate on price movements, claim up to $200 in bonuses, and start with risk-free paper trading with crypto futures on Plus500.

Disclosure: 82% of retail CFD accounts lose money

CEO Underlines Strategic Realignment With BNB Ecosystem

Over 140 investors participated in the round, led by YZi Labs, a venture capital firm that operates as a family office for Binance co-founder Changpeng Zhao

Proceeds from the placement will be used to acquire and adopt BNB, worth over $100 billion in market capitalization, as a treasury reserve asset. The company may raise up to an additional $750 million via warrants and will rebrand as "BNB Network Company" under the ticker "BNC."

""Our new BNC ticker reflects a strategic realignment with the BNB Chain ecosystem and a clear focus on treasury growth," David Namdar, incoming CEO of CEA Industries, said.

See Also: Why Crypto Investors Are Receiving Internal Revenue Service Warning Letters

Crypto Treasury Wave Sweeps Wall Street

Several Wall Street firms have lately been replicating the playbook popularized by Strategy Inc. MSTR, which involves buying and holding cryptocurrency in corporate reserves.

While Strategy focuses on Bitcoin BTC/USD, approaches based on Ethereum ETH/USD, Tron TRX/USD and even Dogecoin DOGE/USD have also emerged.

Price Action: At the time of writing, BNB was trading at $761.04, down 0.16% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the stock has gained more than 7%.

Shares of CEA Industries closed 1.61% higher at $17.71 during Tuesday’s regular trading.

As of this writing, the stock demonstrated a moderately high Value score. Visit Benzinga Edge Stock Rankings to see how Strategy, the pioneer of cryptocurrency treasury play, fares on this metric.