CEA Industries, described as the world’s largest BNB treasury company, has collapsed 95% from its high last year and accuses the family office of Binance founder Changpeng Zhao (CZ) of a secret side agreement. The company has demanded disclosure of the confidentiality provision between CZ’s family office and 10X Capital Asset Management, the lead party in its July 2025 PIPE transaction. Shares of the company, which renamed its Nasdaq ticker from VAPE to BNC to reflect a push into BNB network assets, now trade at $3.88 after losing 95% of their value over the past seven months.
The firm’s transition from vape retailers to BNB treasury operations followed a multi-year decline that took its stock from a $873 peak in 2018 to under $8 by the acquisition of 33 Canadian vape locations. 10X Capital acted as CEA’s BNB asset manager with the support of YZi Labs, a backing that CEA says is potentially problematic and is seeking disclosure of how CZ’s family office backed the management of BNB. YZi Labs has pressed for recusals of directors Hans Thomas and David Namdar from asset management discussions amid the dispute. CEA’s stock has fallen 41% year to date, 67% over the past 12 months, 95% from its 52-week high, and 98% over the past five years.
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