---
schema_version: "secwatch.filing_event.v1"
accession: "0001641172-25-021130"
form_type: "8-K"
ticker: "BNC"
cik: "0001482541"
company_name: "CEA Industries Inc."
filed_at: "2025-07-28T23:59:59+00:00"
generated_at: "2026-05-18T00:14:23.603717+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

# CEA Industries raises $500M PIPE to become publicly listed BNB treasury company

## Summary
- Gross proceeds of ~$500M from common equity PIPE; up to $1.25B including warrant exercises.
- Proceeds to acquire BNB, establishing the largest publicly traded BNB treasury strategy.
- Incoming CEO David Namdar (Galaxy Digital co-founder) and CIO Russell Read (ex-CalPERS CIO).
- Over 140 institutional and crypto investors participated, including Pantera Capital and YZi Labs.
- Transaction expected to close on or about July 31, 2025; common stock trades as VAPE.

## SEC filing metadata
- accession: 0001641172-25-021130
- form_type: 8-K
- ticker: BNC
- cik: 0001482541
- company_name: CEA Industries Inc.
- filed_at: 2025-07-28T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1482541/000164117225021130/0001641172-25-021130-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1482541/000164117225021130/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001641172-25-021130
- JSON: https://secwatch.observer/filing/0001641172-25-021130.json
- Plain text: https://secwatch.observer/filing/0001641172-25-021130.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.