A former nicotine vape producer has unexpectedly emerged as one of the most influential corporate players in the BNB market.
BNC, now a Nasdaq-listed company, revealed it has acquired 200,000 BNB tokens, a stash valued at roughly $160 million, instantly making it the largest publicly traded holder of the cryptocurrency.
The purchase comes as part of a dramatic reinvention. Just weeks ago, the company shed its old ticker symbol, VAPE, and rebranded to BNC, signaling an end to its focus on nicotine products. In its place, the firm has committed to a treasury strategy built entirely around BNB, backed by a hefty $500 million in fresh capital from investors including 10X Capital and YZi Labs, the latter connected to Binance founder Changpeng Zhao.
Unlike traditional corporate treasury plays that focus on Bitcoin or Ethereum, BNC is betting on the Binance ecosystem’s growth potential. The firm points to BNB’s built-in burn mechanism, rising blockchain usage, and the possibility of a future spot ETF as reasons it expects the asset to deliver long-term returns.
While $160 million is already a substantial commitment, BNC isn’t done. Its plan allows for an additional $750 million in purchases through a warrant deal, meaning the company could ultimately control $1.25 billion worth of BNB if market conditions align.
The move puts BNC alongside a growing list of firms experimenting with altcoin treasuries. Nano Labs and Windtree have each pledged hundreds of millions toward their own BNB holdings, underscoring how corporate crypto strategies are moving beyond the Bitcoin-Ethereum duopoly.
BNB itself continues to hold a commanding position in the market, ranking as the fourth largest cryptocurrency by market cap and powering BNB Chain — the third biggest blockchain by total value locked. Current prices hover near $820, reflecting a modest gain over the past day.
Investors appear to approve of BNC’s transformation. Parent company CEA Industries has seen its Nasdaq-listed shares soar more than 90% since unveiling the pivot, closing last Friday at $17.10.
