YZi Labs Regains Control of BNB Treasury Firm CEA Industries

Original ｜ Odaily Planet Daily (@OdailyChina)

Author | Golem (@web3_golem)

CEA Industries (BNC) has finally returned to its moment in the spotlight.

Due to Four.meme’s tokenized stock model, 4Stock, which has listed BNC as its first on-chain stock, BNC has surged over 60% in pre-market trading. While meme-based stock tokens on BSC continue to experience wild volatility, BNC, as a pool pairing asset, stands to benefit regardless of which project ultimately prevails. (Related reading:3-Hour Single-Token A7: BNC Up Over 50% Pre-Market, BSC Stock Meme Wheel Reboots.)

Sometimes, the unplanned effort yields the best results—unexpectedly, the company most likely to complete the “meme coin pricing stock” transmission chain is CEA Industries (BNC), a BNB treasury firm that once faced delisting risks and even misled CZ.

BNC was last in the spotlight due to the dispute between the company’s board and YZi Labs. Since November 2025, YZi Labs has been engaged in a power struggle with the company’s board, led by David Namdar, over control of CEA Industries. David Namdar secretly transferred millions of dollars from CEA Industries into his own accounts, while YZi Labs demanded an expansion of the CEA Industries board seats. The back-and-forth conflict between the two sides has been as dramatic as a business thriller; interested readers can refer to Odaily’s previous article CZ Got Cut Too? The Battle for Control of BNB Treasury CEA Industries.

Today, after a six-month dispute has come to an end, YZi Labs has successfully gained control of the company, and BNC is now firmly on the right path.

On June 23, 2026, CEA Industries announced a cooperation agreement with YZi Labs, which primarily includes three points:

• First, Ella Zhang, Alex Odagiu, and Matthew Roszak have been appointed as directors of the company, all representing the YZi Labs faction. The new board of CEA Industries consists of six seats, with the remaining three being Carly E. Howard, Annemarie Tierney, and Glenn Tyranski, meaning the YZi Labs faction now holds at least half of the control over CEA Industries.
• Second, Alex Odagiu has been appointed as interim president, reporting directly to the board until a new CEO is appointed. As a result, CEA Industries is currently fully managed by Alex Odagiu, who is also an investment partner at YZi Labs.
• Third, YZi Labs has also terminated its solicitation effort to expand the board of CEA Industries and withdrawn its related requests for books and records and record date.

Although the reason behind the agreement is unclear, the outcome is that YZi Labs has regained control of CEA Industries. YZi Labs originally spearheaded CEA Industries’ transformation into a BNB treasury and led a $500 million private funding round. Therefore, from investors’ perspective, the “strong stakeholder push” is a significant positive for BNC.

On July 22, CEA Industries held its 2026 annual shareholder meeting, which had been deliberately postponed by David Namdar. On the same day, the board appointed the company’s CFO, William B. Miller, as interim CEO. William B. Miller’s role as interim CEO does not conflict with Alex Odagiu’s role as interim president.

William B. Miller’s interim CEO role is merely a legal concept under the SEC, representing a CEO in terms of reporting upward, not a traditional CEO who manages the entire company. According to the company’s articles of incorporation, Alex Odagiu’s interim president position carries a monthly salary of $25,000, with responsibilities primarily focused on maintaining investor relations, engaging with stakeholders in the BNB ecosystem, and external communications regarding the BNB treasury/digital asset strategy. However, he does not oversee daily company operations, cannot sign contracts on behalf of the company, cannot hire personnel, and has no authority over financial matters.

Therefore, Alex Odagiu functions more as a strategic/IR interim president assigned by YZi Labs to CEA Industries, with William B. Miller and Alex Odagiu having split the former CEO’s responsibilities. Perhaps due to the absence of a CEO, CEA Industries has seen little business progress in recent months.

According to the company's fiscal year 2026 annual report released on June 23, as of April 30, 2026, CEA Industries held 515,544 BNB tokens valued at approximately $380 million; the net profit for fiscal year 2026 was $115.2 million, or diluted earnings per share of $2.52; during the fiscal year, the company repurchased 1,434,112 shares of common stock at a cost of $3.8 million.

The current official website dashboard shows that CEA Industries' BNB reserve remains at 515,544 BNB, with an average cost of $855, significantly higher than the current BNB price. This indicates that CEA Industries has not added to its BNB holdings for over four months, which for a BNB treasury company, essentially suggests operational stagnation.

NBC Dashboard

This stagnation can also be explained by recent changes in corporate governance structure and personnel transitions; however, even so, CEA Industries remains the listed treasury company with the largest reserve of BNB. Simply from a stock price perspective, combined with the current popularity of BSC token-stock pair memes, BNC appears to be significantly undervalued.

On September 8, when BNC rose due to its 1:1 on-chain stock token BNC4, CZ also shared his July interview with CEA Industries, in which he stated he was not concerned about CEA Industries because several members of YZi Labs had invested their own money into CEA Industries, and based on their personal stake, CZ believed they would run the company well.

Alex Odagiu has even changed his avatar to an image wearing a hat with the slogan "MAKE BNC GREAT AGAIN".

In July last year, when YZi Labs announced that CEA Industries had become the BNB treasury company, its stock price surged from $8.88 to $68.76 in a single day, an increase of over 670%. At that time, BNC rode the DAT narrative cycle. Now, can BNC still ride the wave of the crypto-stock pairing meme narrative and soar upward?

Based on mNAV and market capitalization, BNC is indeed undervalued.

Based on the current price of BNC, CEA Industries' mNAV remains below 1, at approximately 0.5. For the mNAV to rise above 1, the price of BNC would need to reach at least $9.39, with a market capitalization exceeding $3.87 billion. With recent personnel changes at CEA Industries now concluded, company operations may be in the planning phase—this could be an opportune time to buy BNC at a discount.

The largest buy order for BNC comes from Four.meme, which previously announced that over $2 million is queued up for minting BNC4. According to the latest statistics from Odaily, as of this writing, the BNC4 minting deposit address appears to have received over $8.9 million, all of which will ultimately be used to purchase BNC common stock on the stock market.

The current market cap of BNC is approximately $140 million, making it a micro-cap stock; this $8.9 million buy order is sufficient to push up the BNC price, with the only concern being the timing difference of the purchase.

Second, even if there is a time lag in buying Four.meme, BNC is currently at the forefront of the on-chain Meme-driven stock rally narrative, attracting substantial FOMO capital that could rival last year’s DAT surge. Moreover, if BNC resumes increasing its BNB holdings, the BSC Meme pairing ecosystem will ultimately form a transmission pathway: Meme coin → BNC4 → BNC → BNB, with the BSC ecosystem remaining the ultimate beneficiary.

Whether this logic can be verified depends on BNC’s recent performance.