CEA Industries (Nasdaq: BNC) saw a pre-market surge that ran over 80% early US hours on Tuesday, September 8, riding on the momentum that started when BNB Chain-backed launchpad, Four.meme debuted BNC4 as the first token under its 4Stock product rollout. As of this Cryptopolitan report, BNC has cooled down to $5.57 per Google Finance, still up nearly 60% from the $3.29 level it closed at on Friday. The stock has oscillated between $1.84 and $20.95 over the past drama-filled year. The BNB Chain token, pegged at a one-to-one ratio to CEA Industries’ Nasdaq-listed BNC stock, introduces an on-chain market for CEA, which carries a market value near $143.7 million. Why is CEA Industries surging today? When Binance founder Changpeng Zhao teased on X that “IPOs will move on chain,” speculators first linked the post to bStocks, which crossed a $500 million market capitalization, per Cryptopolitan reporting. However, the big news arrived when Four.meme launched BNC4, tied to CEA Industries, as its first 4Stock token. The BNB Chain thread was very prominent in the rollout, as BNC4 launches on the blockchain and borrows the ticker of a company with a BNB treasury.That hook appeared to have worked as Four.meme reported more than $2 million in mint requests as “strong demand for BNC4 minting” rolled in within hours of 4Stock going live. Since 4Stock went live, we’ve received over $2,000,000 in mint requests. Requests are being processed in the order received. Once the corresponding underlying stock assets have been purchased and the BNC4 mint is completed, the BNC4 will be sent directly to the wallet address… https://t.co/fjZ7klnQ0M— Four.meme-華語 (@fourdotmemezh) September 8, 2026How the 4Stock model worksBNC4 is built on Four.meme’s 4Stock product, which the platform describes in its documentation as a “pre-bStock” tokenized stock. Each 4Stock is backed one-to-one by the real shares it tracks. When someone applies to mint, Four.meme uses the submitted USDC to buy the underlying stock through a managed account, then issues tokens against the shares it actually holds.Four.meme documentation outlines the three-step manual process behind 4Stocks:Users send USDC to a designated deposit walletThen they submit the transaction hash through a mint formNext, they wait up to 24 hours while the shares are bought at the market price available at execution. A 1% mint fee applies to deposits, with requests currently at a 10,000 USDC equivalent minimum. Automated minting and a redemption path back to USDC are due at a later date.4Stock is meant to serve as a base-pair asset for what Four.meme calls Stock Memes, which feeds back into BNB Chain’s meme economy.Another project, $build, is converting meme-trading activity into BNC4 treasury accumulation before redistributing the token to its community.BNC and BNC4 are not selling at the same priceThe two prices quickly diverged. Per GMGN data, BNC4’s market capitalization fell below $5 million to about $4.72 million, a drop of more than 30% in five minutes, even though the OG BNC stock held most of its pre-market gains. That divergence makes sense considering that CEA Industries has a market cap near $130 million compared to BNC4’s thin float.CEA Industries has had a dramatic yearCEA Industries has made a sharp pivot from its days as a relatively obscure indoor-farming engineering firm to become the world’s largest corporate BNB treasury with a rebrand that changed its name to the BNB Network Company. YZi Labs, the investment firm led by Zhao, raised $500 million in a private placement in July 2025 to seed that treasury, and by August, the company held more than 515,000 BNB worth close to $465 million, Cryptopolitan reported.The company has spent much of the past year in a boardroom battle. YZi Labs accused CEA’s asset manager, 10X Capital, and management of trying to move away from a BNB-only strategy, a dispute that Cryptopolitan noted cut the stock roughly 87% from its post-announcement highs.That fight ended in June when CEA and YZi Labs signed a cooperation agreement that added YZi Labs head Ella Zhang, investment partner Alex Odagiu and Bloq co-founder Matthew Roszak to the firm’s board, according to a company press release.YZi Labs agreed to drop its consent solicitation, and Odagiu stepped in as interim president while a committee searches for a permanent CEO.If you're reading this, you’re already ahead. Stay there with our newsletter.