CEA Industries, a publicly listed company, has completed a $500 million private placement and will be renamed BNB Network Company.

US-listed company CEA Industries Inc. (original code: VAPE, to be renamed BNC) announced the completion of a $500 million private placement financing, led by YZi Labs, with funds to be used for implementing a treasury reserve strategy centered on BNB and plans to additionally issue warrants to raise up to $750 million. The company will be renamed BNB Network Company starting August 6, with its stock code changing to BNC, becoming the world's first US-listed company with BNB as its primary reserve asset. 10X Capital will serve as the treasury strategy asset manager, with over 140 institutions and individuals participating in this round of investment, including Pantera, GSR, Arrington, Blockchain.com, and Bitfury founders. David Namdar, former co-founder of Galaxy Digital, will serve as CEO.