CEA Industries Expands BNB Treasury To $625 Million As Token Hits All-Time High

Shares of CEA Industries (BNC) gained in morning trade on Tuesday after the company announced its BNB holdings had reached 480,000 tokens as the token’s price hit a record high.

BNB’s price was trading around $1,290 at the time of writing, after hitting a record high of $1,330 earlier in the session. Combined with $77.5 million in cash, CEA Industries’ total treasury is now valued at around $700 million. 

The company’s 480,000 BNB holdings – a 15% increase from its previous stake – are valued at roughly $625 million, at BNB’s current price. CEA Industries spent approximately $412.8 million to acquire the additional tokens at an average price of $860 each.

CEA Industries’ stock gained 7% on Tuesday, crossing the $10 mark. On Stocktwits, retail sentiment around the shares continued to trend in ‘bearish’ territory over the past day. Meanwhile, retail sentiment around BNB improved to ‘bullish’ from the ‘neutral’ zone amid ‘high’ levels of chatter. 

The surge in BNB also dethroned Ripple’s native token XRP (XRP) as the third-largest cryptocurrency. BNB’s market capitalization now stands at roughly $180 billion, surpassing XRP’s $178 billion.

CEA Industries, which used to be a nicotine vape company, announced its pivot to adopting BNB as its primary treasury reserve asset in August, along with $500 million private placement led by 10X Capital and Binance’s Changpeng Zhao-backed YZi Labs. It is currently the largest publicly traded company with a BNB-focused digital asset treasury.

CEA Industries said it plans to accumulate 1% of the total BNB supply by the end of the year. 

Read also: BNB Token Surges To Record High, Overtakes XRP As Third-Largest Cryptocurrency

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