CEA Industries, Nasdaq: BNC, the world’s largest BNB treasury holder, fell 95% in value, trading at $3.88 per share from a 52-week high of $82.88. The pivot to BNB occurred during the summer of 2025 as the company shifted from its prior businesses into cryptocurrency holdings. The company has issued a press release demanding that YZi Labs disclose the full terms of a confidentiality provision between YZi Labs and 10X Capital Asset Management LLC, the lead manager of its $500 million PIPE in July 2025. The PIPE deal was led by 10X Capital Asset Management LLC, with involvement from YZi Labs, the family office linked to CZ, Binance founder Changpeng Zhao.
Prominent crypto investors backed the PIPE, including Pantera Capital, GSR, Arrington Capital, Borderless, Blockchain.com, Arche Capital, Hypersphere Capital, Kenetic, and the founders of BitFury. Cantor Fitzgerald served as lead financial advisor and sole placement agent. YZi Labs has pushed back, disputing CEA’s characterization of a secret side agreement and requesting public disclosure. The company also asked that board members Hans Thomas and David Namdar recuse themselves from asset-management discussions as it seeks greater transparency.
Russell Read, who became CIO of CEA after the PIPE closed, was moved to a non-executive role by September 2025 and resigned by year’s end. The broader digital-asset treasury space has cratered, with Nakamoto down 99% from its May 2025 peak and Twenty-One down 89%. Bitcoin Standard Treasury Company has shed 37% since July. CEA’s 95% loss is therefore in line with a broader trend, with the stock down 41% year-to-date, 67% over 12 months and 98% over five years.
Leave a Reply