B Strategy, a digital asset investment firm established by former Bitmain executives, is set to launch a $1 billion crypto treasury aimed at investing in BNB, Binance’s native token.
In a Monday announcement, it was revealed that the new BNB (BNB) treasury is backed by YZi Labs, the family office of Changpeng Zhao, co-founder of Binance.
The structure of the new company will be akin to 10X Capital, which recently initiated a BNB treasury supported by YZi Labs, as communicated by a spokesperson for B Strategy to Cointelegraph.
10X Capital raised $250 million this July with support from YZi Labs, designating the funds to acquire and maintain BNB as a long-term reserve asset.
“We intend to partner with a US-listed company via a private placement,” the representative stated. “Post capital injection from this placement, the listed company will buy BNB, shifting its business focus to managing BNB assets as a dedicated treasury entity.
“Our goal is to serve as a link between US and Asian markets. There is significant interest from Asian investors looking for access to the US stock market, and they have confidence in our ability to manage their investments within this treasury strategy.”
YZi Labs, previously known as Binance Labs, is managed by Ella Zhang and is supervised by Zhao of Binance.
Related: ‘Wealthiest US prisoner’: How did Binance founder CZ get there?
BNB treasury companies rise and fall
As per Cointelegraph indexes, BNB ranks as the fourth-largest crypto token by market capitalization, valued at $120.3 billion at present. In addition to trading, BNB facilitates transaction fee payments, staking participation, and governance, underscoring its central role in the broader Binance ecosystem.
Recently, companies adopting BNB as a reserve asset have surfaced, with investor reactions reflected in stock performance being mixed.
Shares of CEA Industries soared 550% following the announcement of their BNB treasury plans. Likewise, BMB Network Company’s $500 million BNB treasury vehicle saw oversubscription in its latest funding round.
Forbes noted in June 2024 that Zhao held approximately 64% of the total BNB supply.
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