The logos of Bitcoin, Ethereum, and Tether outside a cryptocurrency exchange in Istanbul, Turkey, on Wednesday, Nov. 6, 2024.\u00a0<\/p>\n
David Lombeida | Bloomberg | Getty Images<\/p>\n
The crypto market’s bullishness may be tipping into speculative frenzy, if the latest MicroStrategy-style copycat is any indication.<\/p>\n
On Monday, a little-known Canadian vape company saw its stock surge on plans to enter the crypto treasury game \u2013 but this time with Binance Coin (BNB)<\/a>, the fourth largest cryptocurrency by market cap, excluding the dollar-pegged stablecoin Tether (USDT)<\/a>, according to CoinGecko.<\/p>\n Shares of CEA Industries<\/a>, which trades on the Nasdaq under the ticker VAPE, rocketed more than 800% at one point after the company announced its plans<\/a>. CEA, along with investment firm 10X Capital and YZi Labs, said it would offer a $500 million private placement to raise proceeds to buy Binance Coin for its corporate treasury. Shares ended the session up nearly 550%, giving the company a market cap of about $48 million.<\/p>\n Given the more crypto-friendly regulatory environment<\/a> this year, more public companies have adopted the MicroStrategy<\/a> playbook of using debt financing and equity sales to buy bitcoin to hold on their balance sheet to try to increase shareholder returns, pushing bitcoin to new records<\/a>.<\/p>\n Now, with the S&P 500<\/a> trading at new records, the resurgence of meme mania and a pro-crypto White House supporting the crypto industry, investors are looking further out on the risk spectrum of crypto hoping for bigger gains.<\/p>\n In recent months, investors have rotated out of bitcoin and into ether<\/a>, which led to a burst of companies seeking a similar treasury strategy around ether. SharpLink Gaming<\/a>, whose board is chaired by Ethereum co-founder Joe Lubin, was one of the first to make the move. Other companies like DeFi Development Corp<\/a>, renamed from Janover, are making similar moves around Solana<\/a>.<\/p>\n Don’t miss these cryptocurrency insights from CNBC Pro: <\/p>\n","protected":false},"excerpt":{"rendered":"The logos of Bitcoin, Ethereum, and Tether outside a cryptocurrency exchange in Istanbul, Turkey, on Wednesday, Nov. 6,…\n","protected":false},"author":2,"featured_media":30286,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[23655,2159,4497,1386,45,161,49,48,23653,4614,23650,2160,1385,100,23652,1378,23651,23649,61,23654],"class_list":["post-30285","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-binance-usd-coin-metrics","tag-bitcoin-usd-coin-metrics","tag-breaking-news-investing","tag-breaking-news-markets","tag-business","tag-business-news","tag-ca","tag-canada","tag-cea-industries-inc","tag-cryptocurrency","tag-defi-development-corp","tag-ethereum-usd-coin-metrics","tag-investment-strategy","tag-markets","tag-microstrategy-inc","tag-sp-500-index","tag-sharplink-gaming-ltd","tag-solana-usd-coin-metrics","tag-technology","tag-tether-usd-coin-metrics"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/30285","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=30285"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/30285\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/30286"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=30285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=30285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=30285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}