YZi Labs, the venture investor closely affiliated with former Binance CEO Changpeng “CZ” Zhao, said it is supporting 10X Capital in launching a BNB treasury company they hope to have trading publicly in the U.S., according to a Wednesday statement.
“The BNB Treasury Company, which intends to pursue a public listing on a major U.S. stock exchange, aims to create a business that will provide investors in the USA with exposure to the growth and benefits of BNB, the world’s 4th largest digital asset token by market cap, and will be focused exclusively on the BNB Chain ecosystem,” the statement said.
What exchange the two firms aspire to list on was unclear from the announcement. YZi Labs and 10X Capital also didn’t specify how much capital they want to raise to fund the new treasury company.
The move follows several other firms turning to the stockpiling of different cryptocurrencies as their prime function. Various so-called treasury companies have been buying up digital assets like Solana and Ethereum after Michael Saylor’s tech firm Strategy (formerly MicroStrategy) generated billions of dollars in wealth buying up Bitcoin.
Last week, Nasdaq-listed chip maker Nano Labs (ticker NA) bought 74,315 BNB for roughly $50 million at an average price of $672.45, pushing its corporate crypto reserve to about $160 million.
“BNB Chain is one of the most widely adopted blockchain ecosystems. BNB is the gas, the glue, and the governance layer for a scalable, decentralized future — powered by builders, for builders, and we believe expanding its institutional access can deliver meaningful benefits to the broader public,” said Ella Zhang, head of YZi Labs. “While we advocate for the adoption of BNB as a treasury asset, YZi Labs remains highly selective in formal partnerships and will only communicate any official collaborations through our official channels.”
The new treasury company will be managed, in part, by David Namdar, a senior partner at 10X Capital and Galaxy Digital co-founder, the statement also said.
YZi Labs, formerly Binance Labs, manages over $10 billion in assets, according to the statement. Earlier this year, Binance’s founder and former CEO Zhao began taking an “active role” in at YZi Labs’ investment activities. At the time, CZ said YZi Labs had become a “purely a family office investment vehicle.”
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