If you searched for “VAPE stock” expecting to find a company built around vaping and e-cigarettes, there’s an important update you need first: the ticker VAPE no longer exists on Nasdaq. CEA Industries Inc., the company that traded under that symbol, changed its stock ticker to BNC on August 6, 2025. The vape business — a Canadian nicotine and e-cigarette retail operation called Fat Panda — is still part of the company, but it’s no longer the headline story. CEA Industries has since pivoted into managing a large corporate treasury of Binance Coin (BNB), which is why the new ticker reflects that shift.
This guide covers everything tied to the old “VAPE stock” search: the company’s current market capitalization, its historical market cap trend, share price data, and the financial details investors actually look for.
VAPE Market Cap & Key Trends
In short: CEA Industries Inc. (Nasdaq: BNC, formerly VAPE) has a market capitalization of roughly $250 million as of September 22, 2026 — a dramatic jump from the sub-$10 million valuation it carried for most of its history as a small-cap vape and cultivation-technology stock.
The company’s market cap has moved through three distinct phases:
- 2022–2024: A small, thinly traded micro-cap tied to controlled environment agriculture (CEA) equipment and, later, vape retail, generally valued between $4 million and $20 million.
- Mid-2025: A $500 million private placement (PIPE) was announced to fund a new corporate BNB treasury strategy, triggering the ticker change to BNC.
- Late 2025–2026: Market cap surged into the hundreds of millions as the company’s balance sheet began reflecting its BNB holdings and share count expanded significantly to fund the strategy.
What Is VAPE’s Current Market Cap?
CEA Industries Inc. currently has a market capitalization of approximately $250.34 million, based on a share price near $6.08 and roughly 41.17 million shares outstanding. Its enterprise value sits slightly higher, at about $260.67 million, reflecting the company’s debt position relative to its cash.
| Metric | Value |
|---|---|
| Market Cap | ~$250.34M |
| Enterprise Value | ~$260.67M |
| Stock Price | ~$6.08 |
| Shares Outstanding | ~41.17M |
| Market Cap Category | Micro-Cap |
Because BNC trades on relatively low volume and its price can swing quickly with BNB’s crypto valuation, this figure changes throughout each trading session.
VAPE Market Cap History
CEA Industries has been publicly traded since 2014, but its market cap stayed extremely small for most of that period — often in the single-digit millions — while it operated as a niche supplier of climate-control equipment for indoor cannabis cultivation and, later, a Canadian vape retailer.
The real inflection point came in 2025, when the company announced its pivot toward a digital asset treasury model centered on BNB. That single strategic shift did more to move the stock’s valuation than a decade of its prior operating history combined.
Approximate market cap milestones:
- Feb 10, 2022: $20.30 million
- Dec 30, 2022: $6.70 million
- Dec 29, 2023: $4.40 million
- Dec 31, 2024: $6.40 million
- Dec 31, 2025: $282.90 million
- Sep 22, 2026: $250.34 million
VAPE End-of-Year Market Cap History
Looking at year-end snapshots gives a cleaner read on the long-term trend, stripping out day-to-day noise:
| Year-End | Market Cap | Y/Y Change |
|---|---|---|
| 2022 | $6.70M | -67.00% |
| 2023 | $4.40M | -34.33% |
| 2024 | $6.40M | +45.45% |
| 2025 | $282.90M | +4,320.31% |
The 2024-to-2025 jump is one of the largest one-year market cap expansions among Nasdaq-listed micro-caps, driven almost entirely by the BNB treasury pivot and the capital raised to fund it — not by organic growth in the legacy vape or agriculture-equipment business. Source: public.com
VAPE Market Cap Growth Over the Past Year
CEA Industries’ market cap has grown by roughly 2,952.89% over the trailing 12 months. That number is real, but it needs context: it reflects a company that raised hundreds of millions in new capital and issued a massive number of new shares (shares outstanding rose more than 42,000% year-over-year) to fund a treasury strategy — not underlying business growth in the traditional sense. Meanwhile, the stock price itself has actually fallen about 71.71% over the same 52-week window, since so much of the market cap increase came from newly issued shares rather than price appreciation.
VAPE Market Cap Change Over the Past 30 Days
Short-term, the stock has been volatile, moving alongside swings in BNB’s price and ongoing corporate governance developments, including a cooperation agreement with YZi Labs that reshaped the board in mid-2026. Investors tracking the 30-day market cap trend should expect noticeably wider daily price swings than a typical Nasdaq micro-cap, given the direct link between BNC’s balance sheet and crypto-market pricing.
VAPE Market Cap Change Over the Past 3 Months
Over the past three months, market cap has fluctuated between roughly $195 million and $280 million, tracking earnings releases (including the Q1 fiscal 2027 report on September 11, 2026), Nasdaq compliance updates, and broader digital-asset market sentiment. This is typical behavior for a company whose valuation is now closely tethered to a volatile crypto asset rather than steady operating cash flow.
VAPE 5-Year Market Cap CAGR
Measured from February 2022 to September 2026, CEA Industries’ market cap grew from $20.30 million to $250.34 million — a total increase of about 1,133%, which works out to a compound annual growth rate of approximately 72.32%. It’s worth noting that almost none of this growth was linear; the CAGR is heavily skewed by the single explosive year following the 2025 BNB treasury announcement, after several years of decline.
What Is CEA Industries Inc. (VAPE)?
CEA Industries Inc. is a Nevada-incorporated company headquartered in Louisville, Colorado, founded on October 15, 2009 by Brandy Marie Keen and Stephen Keen. Historically, the company designed and sold environmental control systems — HVAC, dehumidification, and process cooling equipment — for controlled environment agriculture, primarily cannabis cultivation facilities, through its Surna Cultivation Technologies subsidiary.
In 2024 and 2025, the company expanded into retail vape and e-liquid distribution through its Fat Panda brand, serving the Canadian nicotine vape market — which is why the stock traded under the ticker VAPE.
Then came the bigger shift: in 2025, CEA Industries closed a $500 million private placement to build what it describes as one of the largest corporate treasuries of Binance Coin (BNB) among public companies, and renamed its ticker to BNC. Today, the company operates two segments:
- BNB Treasury Management — acquiring, holding, and managing the company’s BNB and related digital assets
- Retail and Industry — the legacy Fat Panda vape retail business and CEA climate-control engineering operations
VAPE Stock Price and Market Data
As of September 22, 2026, BNC (formerly VAPE) trades around $6.08 per share on the Nasdaq Capital Market, down sharply from its 52-week high near $17–24 (figures vary slightly by data provider due to the reverse split and share issuance) and above its 52-week low of $1.84. The stock underwent a 1-for-12 reverse split on June 7, 2024, before the major share issuance tied to the 2025 PIPE.
| Metric | Value |
|---|---|
| Trailing P/E Ratio | 2.48 |
| Price-to-Sales | 6.82 |
| Price-to-Book | 0.68 |
| Float | ~36.45M shares |
| Institutional Ownership | ~20.34% |
| Insider Ownership | ~11.68% |
Does VAPE Pay Dividends?
No. CEA Industries Inc. (BNC) does not pay a dividend and has no history of doing so. As a micro-cap company that only recently became profitable on paper — largely due to gains tied to its BNB holdings rather than operating income — reinvesting capital rather than distributing it fits the company’s current strategy.
What Sector Does VAPE Operate In?
CEA Industries is classified under industrial/machinery categories on some exchanges due to its legacy climate-control equipment business, but its business model today is best described as a hybrid: part digital asset treasury company, part consumer retail (vape products), and part industrial equipment supplier. This mixed classification is unusual and is one reason investors should read the company’s segment reporting carefully rather than relying on a single sector label.
VAPE Earnings Per Share (EPS)
CEA Industries reported trailing twelve-month EPS of approximately $1.93, with net income around $105 million against revenue of roughly $29 million. That gap between revenue and net income is a signal worth understanding: the profit figure is heavily influenced by non-operating gains, most likely unrealized appreciation on the company’s BNB holdings, rather than core business profitability. Operating income, by contrast, was deeply negative — around -$168 million — which paints a more conservative picture of the underlying operations.
VAPE Beta and Volatility
CEA Industries carries a 5-year beta of roughly 0.62 according to recent data, though this figure predates the company’s transformation into a crypto-treasury business and should be treated with caution. Given the stock’s direct exposure to BNB price movements, day-to-day volatility has increased materially since the 2025 pivot, and historical beta calculations may not fully capture the stock’s current risk profile.
FAQs About VAPE Market Cap
What is CEA Industries Inc.’s current market cap?
CEA Industries Inc. (Nasdaq: BNC, formerly VAPE) has a market capitalization of approximately $250 million as of September 22, 2026.
Vape stock price
The stock last traded around $6.08 per share under its current ticker, BNC, as of September 22, 2026. There is no longer a ticker literally called “VAPE” on Nasdaq.
Vape stock symbol
The company traded as VAPE until August 6, 2025, when it changed its Nasdaq ticker symbol to BNC. Its warrants trade under BNCWW. Anyone searching for “VAPE stock” today should look up BNC instead.
Vape stock price prediction
There is no widely published analyst price target or consensus forecast currently available for BNC. Because the stock’s value is closely tied to BNB’s price and to company-specific decisions about its digital asset treasury, any prediction would be speculative rather than based on established analyst coverage.
Vape stock prediction
Similarly, no verified analyst forecasts or official company guidance on future stock performance are publicly available. Investors should rely on the company’s SEC filings, quarterly earnings reports, and disclosed BNB holdings rather than informal predictions.
IPO vape stock
CEA Industries Inc. is not a recent IPO. The company has traded publicly since 2014 under various names and tickers, well before its 2025 rebrand toward a BNB treasury strategy and ticker change to BNC.
BNC stock
BNC is the current Nasdaq ticker for CEA Industries Inc., the same company formerly known by the ticker VAPE. The name change to BNC reflects the company’s 2025 strategic shift toward managing a large corporate BNB (Binance Coin) treasury.
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