BNB Treasury Firm CEA Industries Faces SEC Disclosure Allegations Over Undisclosed 10X Capital Stake

YZi Labs has uncovered regulatory filings suggesting that 10X Capital and its affiliates now control over 5% of CEA Industries' shares—a threshold that triggers mandatory SEC disclosure requirements. The allegations center on 2.37 million recently exercised warrants that match prior holdings by entities linked to 10X Capital.

CEA Industries, which previously operated in the cannabis sector, pivoted in mid-2025 to become the largest corporate treasury holder of BNB. YZi Labs claims this strategic transition was facilitated through shadow coordination among major stakeholders to entrench leadership without proper transparency.

The dispute highlights growing tensions within crypto-adjacent public companies where traditional corporate governance frameworks increasingly clash with decentralized finance (DeFi) norms. 'When warrants walk like a group and talk like a group, the SEC tends to call it a group,' remarked a veteran securities attorney familiar with the filing, underscoring the regulatory scrutiny facing such arrangements.