CEA Industries (VAPE) shares were up sharply premarket Monday after the company said it priced an oversubscribed and upsized $500 million private investment in public equity to create the largest, publicly-traded $BNB treasury company.

The company said the offering provides proceeds of $400 million in cash and $100 million in cryptocurrency, plus up to $750 million in potential warrant proceeds.

CEA Industries said it plans to begin acquiring $BNB, a top-four crypto asset with over $100 billion in market cap, after the deal closes around Thursday.

It also said it will explore staking, lending, and other DeFi revenue opportunities while maintaining a conservative risk approach.

The treasury strategy will be led by incoming Chief Executive David Namdar, Chief Investment Officer Russell Read, and executive Saad Naja, the company said. CEA Industries also said 10X Capital will serve as the asset manager of the treasury strategy with support from YZiLabs.