AirNet Technology raises $180 million in digital assets offering
CEA Industries Inc. (VAPE) announced the completion of a $500 million private placement offering on August 5, 2025, to support its strategy of adopting BNB as its primary treasury reserve asset. The company will change its ticker symbol to "BNC" on August 6, 2025.
The offering was led by YZi Labs and attracted over 140 subscribers, including institutional and crypto-focused investors such as Pantera Capital, GSR, Blockchain.com, and Arrington Capital. The private placement includes common equity delivering $500 million in gross proceeds, plus potential additional funds of up to $750 million if all warrants issued are exercised.
David Namdar, co-founder of Galaxy Digital and senior partner at 10X Capital, joins as CEO. Russell Read, former chief investment officer of CalPERS and deputy CIO of Deutsche Bank Asset Management, becomes CIO. Former CEO Tony McDonald will serve as president and remain on the board.
"Our new BNC ticker reflects a strategic realignment with the BNB Chain ecosystem and a clear focus on treasury growth," Namdar said in a statement.
10X Capital will manage the BNB treasury strategy with support from YZi Labs. The company plans to use proceeds to purchase BNB tokens while continuing its existing business operations.
Cantor Fitzgerald served as lead financial advisor and sole placement agent. The securities were sold through a private placement under exemptions from Securities Act registration requirements.
The company’s warrants will trade under the symbol "BNCWW" following the ticker change. CEA Industries describes itself as focusing on consumer markets and digital asset treasury operations.