March 31st, 2026, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on CEA Industries, Inc. (NASDAQ: BNC) titled, “Compounding Value Through the BNB Productivity Stack”. The report can be accessed here.
Founded in 2013, CEA Industries, Inc. is a NASDAQ-listed digital asset treasury (DAT) purpose-built to accumulate, manage, and enhance exposure to BNB Chain, which is the fastest-growing blockchain ecosystem in the world. The company is headquartered in Louisville, CO. It sees itself as BNB ecosystem aligned, accessible through a publicly traded, US regulated company. It is focused on scaling the largest public BNB treasury in the world.
The company’s mission is to bridge traditional capital markets with Web3 by building the world’s largest public BNB treasury and generating sustainable on-chain yield.
Comparables have a median discount to book value per share of 43%, while BNC is trading at a 49% discount. The company’s comps include crypto exchanges, crypto asset managers, and crypto services providers. As the cryptocurrency story is just in the beginning, most investors are likely looking at the long-term prospects rather than near-term revenue numbers.
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