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CEA Industries purchased an additional 15,000 BNB worth 13 million USD

CEA Industries, the digital asset treasury fund listed on Nasdaq, announced on Wednesday that it has added over 15,000 BNB, with a total value of over 13 million USD.

According to the announcement, the total number of BNB held by the company currently stands at 515,054 tokens, up from about 500,000 tokens reported last month. At that time, the price of BNB was nearly 1,150 USD, an increase of about 90% over the past year. However, in recent days, BNB has decreased in price.

As of Wednesday, BNB is trading around 872 USD, down 20% from last month, in line with the downward trend of other major cryptocurrencies such as Bitcoin and Ethereum. Currently, BNB is the fifth largest cryptocurrency by market capitalization.

CEA Industries announced that in August, the company raised 500 million USD through a private placement to purchase BNB, choosing this coin as its main treasury reserve asset. The company also identifies itself as BNB Network.

“Our treasury management strategy is both disciplined and opportunistic. We buy when market conditions align with our long-term strategy,” CEO David Namdar shared.

The company also wants to differentiate itself from other digital asset funds. “The Premium NAV of MicroStrategy dropped from 2.7x last year to 1.06x, the total value of the Solana treasury decreased from 3.5 billion USD to 2.1 billion USD, and the convertible debt structure is creating forced selling pressure in the industry,” a representative of CEA Industries stated via email.

YZi Labs, a family investment company of former Binance CEO CZ, is an investor supporting CEA Industries. The company's BNC shares traded at 5.12 USD on Wednesday, up approximately 3% from the previous session, according to Yahoo Finance.

Thạch Sanh

BNB0.67%
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