BNB Network Company, the treasury arm of CEA Industries (BNC), has announced the purchase 200,000 BNB tokens in a $160 million bet, making it the largest corporate holder of BNB.
The move is part of the company’s new treasury strategy that will center exclusively on BNB, and comes after a recent $500 million private placement led by 10X Capital and YZi Labs.
BNC has overhauled its leadership to support the shift, the company said in a press release announcing the acquisition. David Namdar, co-founder of Galaxy Digital, is taking over as CEO, joined by Russell Read, former CIO at CalPERS, and Saad Naja, a former Kraken director. 10X Capital’s Hans Thomas and Alexander Monje have also joined the board.
The company plans to continue acquiring BNB until its treasury funds are fully deployed. If warrants tied to the fundraising are exercised, BNC could have as much as $1.25 billion to invest in the token.
CEA Industries’ shares are up 22.2% in pre-market trading at $20.9.