CEA Industries

What CEA Industries does

CEA Industries Inc. (NASDAQ: BNC) is a Nevada-domiciled public holding company that has pivoted from controlled-environment agriculture technology into a digital asset treasury vehicle focused on Binance Coin (BNB). The company's core operation is the disciplined acquisition and long-term holding of BNB tokens, funded primarily by a $500 million private placement closed in August 2025 (co-led by YZi Labs, the family office of Binance founder Changpeng Zhao, and 10X Capital). As of November 2025 the treasury held over 515,000 BNB tokens valued at approximately $481 million, making it the world's largest publicly disclosed corporate BNB treasury, with a stated objective of owning 1% of total BNB supply. A publicly accessible Treasury Dashboard provides transparent reporting on holdings, average cost basis, mNAV, and airdrop metrics. The company distributes BNB exposure through Nasdaq-listed common stock (BNC) and stapled warrants (BNCWZ, ~49.5M warrants outstanding at $15.15 strike through August 2028), targeting institutional and retail digital-asset investors seeking regulated public-market access to the BNB ecosystem.

The company retains two legacy operating subsidiaries under strategic evaluation. Fat Panda Ltd., acquired in June 2025 for CAD $18 million, is a Canadian vape retailer and manufacturer generating CAD $38.5 million in FY2024 revenue across Central Canada. Surna Cultivation Technologies provides specialized hardware and environmental-control solutions for indoor cultivation. Revenue mechanics therefore span three distinct streams: unrealized appreciation on BNB treasury holdings (the dominant value driver but non-operating), legacy hardware and retail sales from Fat Panda and Surna, and disputed management fees from the 10X Capital Asset Management Agreement, which the company is actively seeking to void as unconscionable. The business has experienced significant governance turbulence in 2025-2026, including a Nasdaq public reprimand, a proxy contest by YZi Labs, the announced departure of CEO David Namdar by August 2026, the resignation of President Tony McDonald, and a board restructuring under a June 2026 cooperation agreement.

Name

CEA Industries

Legal name

CEA Industries Inc.

Website

https://ceaindustries.com

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

CEA Industries (NASDAQ: BNC) is a public holding company operating the world's largest corporate BNB (Binance Coin) treasury, holding over 515,000 tokens acquired via a $500M private placement, while retaining legacy vape retail (Fat Panda) and cultivation technology (Surna) subsidiaries under strategic evaluation.

Ownership category

akta.pro rank

Product category

Digital Asset Treasury Management

NAICS

Offices of Other Holding Companies (551112), Management of Companies and Enterprises (551), All Other Financial Investment Activities (52399)

SIC

Finance Services (6199), Investors, Nec (6799)

akta.pro primary industry

CEA Monitoring, Sensors & Automation Software (SCADA, IoT, Climate/Recipe Control) (AFAAAHAG)

akta.pro secondary industries

Controlled Environment Agriculture (CEA) / Vertical Farming (Indoor LED Farms) (AFAGAHAJ), Environmental Control & Climate Systems (HVAC, CO₂, Ventilation, Dehumidification) (AFAAAHAB)

Keywords

• Digital asset treasury
• BNB token holdings
• Cryptocurrency treasury management
• Public company treasury
• Blockchain asset management

Headquarters

HQ city

Louisville

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Digital Asset Treasury Management: CEA Industries generates returns through appreciation of BNB holdings in its digital asset treasury. Revenue is derived from the increase in value of BNB tokens held, making it analogous to a corporate treasury strategy similar to MicroStrategy's Bitcoin approach. The company also earns management fee income from its asset management agreement with 10X Capital.
2. Fat Panda Vape Operations: Canadian vape retail and manufacturing operations generating CAD $38.5 million in revenue for fiscal year 2024. Revenue from retail sales of vaping products across Central Canada.
3. Surna Cultivation Technologies: Specialized cultivation technology solutions for controlled environment agriculture, part of diversified business portfolio.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

CEA Industries is a publicly-traded holding company whose core operation is the disciplined acquisition and management of BNB (Binance Coin) digital assets as its primary treasury reserve, providing shareholders with indirect exposure to the BNB ecosystem through Nasdaq-listed public equity. The company also retains legacy operating businesses including Fat Panda (Canadian vape retail and manufacturing, CAD $38.5M FY2024 revenue) and Surna Cultivation Technologies (controlled environment agriculture solutions), both under ongoing strategic evaluation.

Product overview

CEA Industries operates as a holding company with a primary focus on digital asset treasury management through its BNB Treasury platform, which handles strategic acquisition and management of BNB digital assets. The company also maintains two legacy business units: Fat Panda (a Canadian vape retailer and manufacturer acquired in 2025) and Surna Cultivation Technologies (controlled environment agriculture solutions). The BNB Treasury serves as the core strategic focus, while the legacy businesses are under ongoing strategic evaluation for portfolio optimization.

Differentiator

Problem solved

Functional benefit

Products and services

• BNB Treasury Disciplined acquisition and management of BNB digital assets as the company's primary treasury reserve, providing shareholders with indirect exposure to the BNB ecosystem combined with the governance and transparency of a public company structure. Holds over 515,000 BNB tokens (approximately $481M as of November 2025).
• Treasury Dashboard Real-time web-based dashboard displaying Total BNB Holdings, Estimated Holdings Value, BNB Price, Average Cost Basis, mNAV, Average Daily Volume, and weekly summary metrics for transparent shareholder and investor reporting.
• Fat Panda Vape Retail and Manufacturing Major Canadian vape retailer and manufacturer acquired in June 2025, operating across Central Canada with an established market presence. Generated CAD $38.5 million in revenue in fiscal year 2024. Currently under strategic evaluation for alignment with the core BNB treasury strategy.
• Surna Cultivation Technologies Legacy wholly-owned subsidiary providing specialized cultivation technology solutions for controlled environment agriculture, including environmental control systems for indoor growing operations. Part of the company's diversified business portfolio under ongoing strategic evaluation.
• BNCWZ Stapled Warrants Nasdaq-listed stapled warrants entitling holders to purchase one share of CEA Industries common stock at $15.15 per share through August 5, 2028. Provides an additional publicly-traded instrument for investors to gain equity-linked exposure to the company's BNB treasury strategy.

Quantifiable outcome

• 500,000 BNB tokens acquired (October 2025)
• +3 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered minor and core.

• Applied DNA SciencesminorStrategic or Co-development Partner · 22 October 2025Both CEA Industries and Applied DNA Sciences have adopted BNB treasury strategies, with Applied DNA purchasing approximately $5.3 million worth of BNB tokens. Both companies represent institutional interest in BNB as a treasury reserve asset.
• China RenaissanceminorStrategic or Co-development Partner · 13 October 2025China Renaissance is planning to raise $600 million to create a digital-asset treasury focused on BNB tokens, with co-investment from YZi Labs. This represents broader institutional adoption of the BNB treasury model pioneered by CEA Industries.
• Fat Panda Ltd.coreOthers · 12 February 2025Fat Panda is a major Canadian vape retailer and manufacturer acquired for CAD $18 million (completed June 2025), generating CAD $38.5 million in revenue in FY2024. The acquisition expanded CEA Industries' presence in the Canadian vape market.

Scale indicators9 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• MicroStrategy: MicroStrategy pioneered the corporate digital asset treasury model that CEA Industries explicitly emulates with BNB (analogous to MicroStrategy's Bitcoin strategy). Both are public companies whose equity narrative centers on per-share treasury asset accumulation, tracked via mNAV multiples and warrant structures.

Emerging players

• China Renaissance: China Renaissance is raising $600M to create a BNB-focused digital asset treasury with YZi Labs co-investment, directly replicating CEA's BNC strategy at larger scale. It is the most direct emerging competitor for the institutional BNB-treasury narrative.
• Applied DNA Sciences: Applied DNA Sciences has adopted the BNB treasury strategy that CEA pioneered, purchasing approximately $5.3M of BNB tokens in October 2025. As a fellow small-cap public BNB treasury adopter, it is a direct emerging peer with overlapping investor base and treasury mechanics.
• Marathon Digital Holdings: Marathon Digital is a publicly listed company whose equity narrative is tied to digital asset accumulation, providing a comparable market-cap-tier reference for how public markets price crypto-treasury-linked equities against underlying holdings.
• Riot Platforms: Riot Platforms operates as a publicly traded digital asset accumulation vehicle with significant treasury exposure. Comparable to CEA in being a public equity whose market narrative revolves around digital asset holdings rather than diversified operating earnings.

Broad incumbents

• Tesla: Tesla holds a corporate Bitcoin treasury and was an early mover demonstrating that public operating companies can adopt digital asset treasury strategies. It is a broad incumbent reference point for corporate crypto treasury adoption, though not a BNB specialist.
• Block Inc. Block Inc. (formerly Square) holds Bitcoin on its corporate balance sheet and operates consumer crypto products. It is a broad incumbent in the corporate digital asset treasury category with a diversified operating business, contrasting with CEA's single-asset focus.
• Coinbase Global: Coinbase is the largest U.S.-listed pure-play crypto platform and holds its own corporate digital asset treasury. It is a broad incumbent providing institutional crypto infrastructure and trading venue for BNB, relevant for CEA's distribution and custody considerations.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/CeaIndustries
• Facebookfacebook.com/ceaindustries
• LinkedInlinkedin.com/company/ceaindustries

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors20 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CEA Industries