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, the native token of the Binance ecosystem.
As per a Monday announcement, the new BNB (BNB) treasury is backed by YZi Labs, the family office of Binance co-founder Changpeng Zhao.
The new firm will be structured similarly to 10X Capital, which recently initiated a BNB treasury with YZi Labs’ support, a representative for B Strategy informed Cointelegraph.
To finance its crypto treasury, 10X Capital raised $250 million with support from YZi Labs in July, directing the capital to acquire and hold BNB as a long-term reserve asset.
“We plan to partner with a US-listed company through a private placement,” the representative stated. “After the capital injection from this placement, the listed company will acquire BNB, shifting its business model to focus on holding and managing BNB assets as a dedicated treasury entity.
“We seek to act as a bridge between the US and Asian markets. There is considerable demand from Asian investors wanting access to the US stock market, and they trust our team to assist in managing their investments within this treasury strategy.”
YZi Labs, previously known as Binance Labs, is led by Ella Zhang and is supervised by Binance’s Zhao.
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BNB treasury companies rise and fall
According to Cointelegraph indexes, BNB is the fourth-largest crypto token by market capitalization, valued at $120.3 billion at this time. Besides trading, BNB is utilized to pay transaction fees, engage in staking and governance, making it central to the broader Binance ecosystem.
Companies adopting BNB as a reserve asset have surfaced in recent months, with investors exhibiting mixed responses through stock performance.
Shares of CEA Industries surged 550% after the company announced plans for a BNB treasury. Similarly, BMB Network Company’s $500 million BNB treasury vehicle was oversubscribed in its recent funding round.
Forbes reported in June 2024 that Zhao controlled about 64% of the total BNB supply.
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