CEA Industries, the world’s largest BNB treasury firm, has misplaced 95% of its worth and is now demanding CZ’s YZi Labs disclose a secret facet settlement.
The world’s largest BNB treasury firm has misplaced practically all of its worth. CEA Industries, buying and selling on Nasdaq below the ticker BNC, now sits at $3.88 per share. That could be a 95% collapse from its 52-week excessive of $82.88.
And the corporate is just not taking place quietly.
As Protos reported on X, CEA Industries issued a press launch demanding that YZi Labs, the household workplace of Binance founder Changpeng Zhao (CZ), disclose the total phrases of a confidentiality provision. That provision sits between YZi Labs and 10X Capital Asset Administration LLC, the agency that led CEA’s $500 million PIPE transaction again in July 2025.
The PIPE deal coincided with the inventory’s all-time excessive.
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From Vape Retailers to Crypto Vaults: The Pivot No person Questioned
CEA Industries was not all the time within the enterprise of holding BNB. The corporate beforehand ran Canadian vape retail places below the ticker VAPE and earlier than that traded as CEAD. Its inventory had already fallen from a $873 peak in 2018 to below $8 earlier than it discovered crypto.
The pivot to BNB got here on the peak of the digital asset treasury mania in summer season 2025. 10X Capital stepped in as BNB asset supervisor, “with the help of YZi Labs,” per CEA’s personal prior disclosures. Cantor Fitzgerald, the agency linked to US Commerce Secretary Howard Lutnick, acted as lead monetary advisor and sole placement agent.
Among the greatest names in crypto backed the PIPE. Pantera Capital, GSR, Arrington Capital, Borderless, Blockchain.com, Arche Capital, Hypersphere Capital, Kenetic, and the founders of BitFury all participated.
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The “Secret Aspect Settlement” Now on the Heart of Every little thing
CEA’s press launch facilities on a confidentiality provision that it claims has by no means been shared with the corporate itself. The corporate says YZi Labs’ involvement in 10X Capital’s administration function could possibly be problematic. It desires the total phrases made public.
YZi Labs pushed again. The household workplace contested CEA’s characterization of the alleged secret settlement, calling the claims false. YZi Labs additionally requested that board members Hans Thomas and David Namdar recuse themselves from asset administration discussions. The household workplace has additional moved to solicit stockholder written consents for board modifications.
10X Capital’s Chief Funding Officer, Russell Learn, grew to become CIO of CEA Industries after the PIPE closed. By September 2025, the corporate had moved him to a non-executive function. He resigned by 12 months’s finish.
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A Collapse That Matches Proper In
CEA Industries is just not the one digital asset treasury that has cratered. Nakamoto, one other Cantor Fitzgerald-linked automobile managed by the identical 10X Capital, has dropped 99% from its Might 2025 peak. Twenty-One is down 89% since Might. Bitcoin Customary Treasury Firm shed 37% since July.
CEA’s 95% loss is dangerous. Inside this peer group, it’s nearly anticipated.
The inventory has dropped 41% 12 months to this point, 67% over the previous 12 months and 98% throughout the previous 5 years. The BNB treasury pivot was presupposed to reverse years of decline. It did the other.
One person on X, @CobuzAlexandru, put it plainly: “What a bs article, I don’t perceive how they misplaced a lot. They tried to construct a treasury, shopping for and holding BNB, however in the long run, they did what? That vanished 98% of the worth?”
That query doesn’t have a clear reply but. The infighting between CEA Industries and YZi Labs remains to be dwell. The key facet settlement stays undisclosed. And the buyers who backed a $500 million BNB guess are sitting on near-total losses.
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