Binance CEO’s Family Office Funds BNB Investment Firm, Planning U.S. Listing
Binance founder Changpeng Zhao’s family office is backing a new BNB-focused investment firm that plans to go public in the U.S.
The Binance CEO Changpeng Zhao,family office is supporting the creation of a BNB treasury company aiming to list in the U.S.
Binance CZ’s Family Office Backs BNB Firm
Changpeng Zhao’s family office is backing the launch of a new company that will focus on holding BNB and plans to go public in the United States.
The project, led by YZi Labs in partnership with 10X Capital, aims to build a BNB treasury firm and get it listed on a major U.S. exchange.
“BNB Chain is among the most widely used blockchain ecosystems,” said Ella Zhang, head of YZi Labs. “We believe making it more accessible to institutions can bring real value to the wider public.”
The firm, temporarily referred to as the “BNB Treasury Company,” will be led by David Namdar, a senior partner at 10X Capital and co-founder of Galaxy Digital, as its CEO. 10X Capital will also act as the asset manager for the company.
This move follows a broader trend of public firms acquiring large volumes of crypto assets like Bitcoin, offering traditional investors increased exposure to the digital asset market.
10X Capital CEO Hans Thomas added that although BNB powers hundreds of millions of users globally, both institutional and retail investors in the U.S. have limited access to its growth potential.
CZ Holds Majority of BNB as Token
Although Binance originally launched BNB and the BNB Chain and still offers benefits for holding the token, it no longer plays a role in developing either the token or its blockchain.
However, Changpeng Zhao (CZ) remains strongly linked to BNB. In February, he revealed that 98.5% of his crypto holdings are in BNB, though he didn’t specify the total amount.
According to a June 2024 Forbes report, Zhao and Binance together control nearly 96% of BNB’s circulating supply. Zhao personally owns 94 million BNB, worth about $63 billion, giving him control of over 64% of the total supply, while Binance holds an additional 31.5%.
Despite his removal from Binance after pleading guilty to money laundering violations in the U.S., Zhao remains the exchange’s largest shareholder.
The Binance coin price is currently trading above $670, up 1.3% in the past 24 hours, with a market capitalization of $94.77 billion.
BNB Demand Is Building Up
While many public companies continue to stockpile Bitcoin, a growing number are turning to altcoins like BNB.
Chinese chipmaker Nano Labs also plans to invest up to $1 billion in BNB and has already made an initial purchase of $50 million.
Pushing the narrative forward, Binance founder Changpeng Zhao shared on X that more than 30 teams are exploring the creation of BNB treasury public companies.
Other firms, such as Singapore-based Trident Digital and Chinese automaker Webus, are also allocating hundreds of millions to altcoins, including XRP.
About Author
About Author
