Binance Co-Founder CZ’s Family Office Backs New BNB Treasury Firm Planning US Listing

Changpeng Zhao, co-founder of Binance, is set to indirectly back a new treasury company designed to give investors exposure to BNB while pursuing a listing on a major U.S. exchange.

YZi Labs announced on Wednesday that it will support 10X Capital in launching what is currently called the “BNB Treasury Company.” According to a statement shared with Cointelegraph, the firm aims to provide institutional and retail investors in the U.S. with easier access to BNB, the native token of Binance's BNB Chain blockchain ecosystem.

David Namdar, a senior partner at 10X Capital and a co-founder of Galaxy Digital (where he previously co-led trading), will serve as CEO of the new BNB treasury company. 10X Capital will also act as the asset manager, overseeing the company’s strategy to buy and hold BNB as a long-term treasury asset.

This initiative mirrors a broader trend of crypto-focused treasury companies designed to make large-scale cryptocurrency holdings accessible to Wall Street. Similar to how firms like MicroStrategy have become well-known for accumulating Bitcoin, the new BNB treasury firm would amass significant amounts of BNB and provide a public market vehicle for investors looking for direct exposure to the token.

BNB, originally called Binance Coin, was created by Binance—the world’s largest crypto exchange by trading volume. The token offers users discounts on Binance’s platform and powers applications built on BNB Chain, a blockchain developed by Binance in 2019.

“BNB Chain is one of the most widely adopted blockchain ecosystems,” said Ella Zhang, head of YZi Labs. “We believe expanding its institutional access can deliver meaningful benefits to the broader public.”

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10X Capital founder and CEO Hans Thomas emphasized that the BNB Chain is “one of the largest, highest-performing digital asset ecosystems globally, powering hundreds of millions of users,” but noted that U.S.-based investors have limited ways to gain exposure to its growth.

The BNB Treasury Company plans to announce the closing of its initial financing round in the coming weeks, according to Wednesday’s statement.

CZ’s Massive BNB Holdings Highlight Influence

While Binance itself is not directly involved in developing the new treasury company, its ties to BNB remain central to the token’s identity. CZ, as Zhao is widely known, revealed in February that 98.5% of his crypto portfolio consists of BNB, though he didn’t disclose its total value.

Forbes reported in June 2024 that Zhao and Binance together control nearly 96% of BNB’s circulating supply. Zhao himself reportedly holds 94 million BNB tokens—valued at nearly $63 billion—making up more than 64% of the circulating supply. Binance controls another 31.5%.

Although Zhao is currently barred from managing Binance as part of a U.S. plea agreement over money laundering charges, he remains the company’s largest shareholder and retains enormous influence in the ecosystem.

BNB has also seen recent price momentum, rising 1.3% in the past 24 hours to trade above $670 at the time of writing, according to CoinGecko.

Crypto Treasury Trend Expands Beyond Bitcoin

While high-profile companies like MicroStrategy have popularized the Bitcoin treasury model, other firms are now extending that approach to alternative cryptocurrencies. For example, Nasdaq-listed Chinese chipmaker Nano Labs recently announced plans to buy up to $1 billion worth of BNB, making its first $50 million purchase earlier this month.

Similarly, Singapore’s Web3 firm Trident Digital and China’s automotive company Webus have committed to investing hundreds of millions of dollars in altcoins like XRP.

On social media, Zhao himself highlighted the growing enthusiasm for BNB treasury strategies, writing on X that “there are over 30+ teams” interested in launching public companies dedicated to buying and holding BNB.