LARGEST BNB TREASURY CRASHES 95%

Summary from the TLDR Crypto newsletter

CEA Industries, a former Canadian vape retailer that pivoted to become the largest BNB treasury company at the height of DAT mania, crashed 95% from its $82.88 peak in July 2025 to $3.88 after a $500 million PIPE transaction led by 10X Capital with Cantor Fitzgerald as placement agent. The company is demanding CZ's YZi Labs disclose a confidentiality provision around its "secret side agreement" with 10X Capital, while YZi Labs contests the characterization and seeks board changes through stockholder written consents. The collapse mirrors broader DAT carnage as Nakamoto declined 99%, Twenty One fell 89%, and Bitcoin Standard Treasury Company dropped 37%, with major funds including Pantera Capital, GSR, and Arrington Capital among the PIPE investors suffering losses.