CEA Industries reaches stockpile of 480,000 Binance Coins
Summary
- CEA Industries said it holds Binance Coin (BNB) 480,000.
- CEA values its BNB holdings at about $585.5 million and said it aims to secure 1% of the total supply by the end of the year.
- It said CEA Industries' stock price has surged repeatedly alongside the recent BNB uptrend.
U.S.-listed CEA Industries was reported to hold 480,000 Binance Coin (BNB).
On the 7th (local time), The Block reported that CEA said in a press release it holds 480,000 BNB. It added, "The average purchase price of the BNB currently held is $860, the value of the held tokens is about $585.5 million, and separately it holds $77.5 million in cash."
This disclosure is part of CEA's strategy to secure 1% of the total BNB supply by the end of this year. The company completed a $500 million private placement last summer to secure funds to buy BNB, and has since increased its purchases in stages. According to a September 2 filing, the then-held amount was 388,888, and over about a month it appears to have purchased an additional approximately 91,112 BNB.
Buoyed by the BNB uptrend, CEA Industries' stock also jumped 15% the previous day, then rose about another 8% in pre-market trading on the 7th.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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