Binance founder Changpeng Zhao (CZ) celebrated the 550% rally in CEA Industries (NASDAQ: VAPE) on Monday, after the firm disclosed its BNB Treasury plan. CZ acknowledged the VAPE stock rally, closing at $57.5 after yesterday’s trading session. BNB price touched an all-time high, shooting to $860, with daily trading volume shooting past $3 billion.
On Monday, July 28, the stock price of CEA Industries (NASDAQ: VAPE) soared by over 560%, following a $500 million private investment in public equity (PIPE) deal with 10X Capital, supported by YZi Labs. The agreement includes $400 million in cash and $100 million in BNB cryptocurrency.
This development got the attention of Binance co-founder Changpeng Zhao, who couldn’t resist tweeting. “Power of BNB. Also attracts more money to buy BNB,” wrote Zhao in his message on X platform.
BNB founder Changpeng Zhao underscored the growing influence of BNB, noting its rising momentum in the crypto market. Through his latest post, Zhao meant that the CEA Industries stock rally will create a MicroStrategy-like flywheel effect, wherein more capital inflows would lead to more BNB purchases by institutions, which would further push the stock higher.
With BNB price rallying to all-time highs, Changpeng Zhao’s crypto portfolio has hit a massive $80 billion. The Binance founder is reportedly holding 94 million BNB coins i.e. 64% of the total circulating supply. With the recent BNB rally, the altcoin has extended its lead over rival Solana, following a close contest last week when SOL price surged past $200.
The demand for building a BNB Treasury among publicly listed firms has been on the rise recently. Apart from CEA Industries, other Nasdaq-listed firms have pledged a significant portion of their capital to build their strategic BNB reserves. With CEA in the fold, the total corporate commitment to BNB treasuries has surged to over $2 billion as of now.
This shows growing institutional confidence in the overall growth of the Binance ecosystem. With institutional capital flowing in, BNB price could be ready for higher gains, with immediate targets of $1,000.
The CLARITY Act has advanced after the U.S. Senate Banking Committee voted in favor of…
Strive, Inc. said it will start paying the daily dividends on its Variable Rate Series…
The world's leading derivatives exchange, CME Group, announced plans to roll out the Nasdaq CME…
Interactive Brokers, with over $800 billion in assets under management, has announced the launch of…
Crypto exchange Coinbase has expanded its support for Hyperliquid, becoming the perp DEX's official USDC…
Marex Group, a Nasdaq-listed diversified financial services firm, has revealed a massive XRP exposure, becoming…