A Nasdaq company built a $BNB treasury strategy. An investor visited the office. Nobody was home.

CEA Industries is Nasdaq-listed with a BNB-focused treasury mandate. Investor Abraham Gomez filed a lawsuit after visiting their office and finding no executives, no staff, and no working website.

YZi Labs — formerly Binance Labs — had already raised disclosure concerns about 10X Capital managing the treasury before this suit arrived.

Allegations are unproven. But the pattern is familiar: a small-cap Nasdaq shell wraps itself around a trending crypto narrative, and the governance questions pile up.

How many other Nasdaq-listed crypto treasury plays are real businesses versus empty shells riding the trend?