BNC, a subsidiary of CEA Industries, has become the largest publicly listed holder of Binance Coin (BNB) after acquiring 200,000 tokens for $160 million through its treasury arm, BNB Network Company. The move follows a strategic pivot from nicotine vapes to building a BNB-focused treasury, accompanied by a ticker change from VAPE to BNC. Last month, the Nasdaq-listed firm secured $500 million in private funding led by 10X Capital and YZi Labs, founded by Binance’s Changpeng Zhao.

The company highlighted BNB’s deflationary token burns, rising on-chain activity, and potential catalysts like a spot ETF as drivers for long-term value. BNC plans to continue purchasing BNB until its initial treasury funds are used and could invest an additional $750 million through its warrant structure, potentially reaching $1.25 billion in holdings. It aims to increase institutional participation in the U.S. BNB ecosystem.

BNB, the fourth-largest cryptocurrency, currently trades at $820.5. Shares of CEA Industries closed Friday at $17.10, up 92% since revealing its BNB strategy, reflecting growing investor enthusiasm for corporate altcoin treasuries.