B Strategy, a digital asset investment firm founded by former Bitmain executives, plans to launch a $1 billion crypto treasury focused on investing in BNB, the native token of the Binance ecosystem.
According to a Monday announcement, the new BNB (BNB) treasury is backed by YZi Labs, the family office of Binance co-founder Changpeng Zhao.
The new company will be structured similarly to 10X Capital, which recently launched a BNB treasury with YZi Labs’ support, a spokesperson for B Strategy told Cointelegraph.
To fund its crypto treasury, 10X Capital raised $250 million with YZi Labs’ help in July, allocating the capital to accumulate and hold BNB as a long-term reserve asset.
“We plan to collaborate with a US-listed company through a private placement,” the representative said. “Following the capital injection from this placement, the listed company will purchase BNB, transitioning its business model to focus on holding and managing BNB assets as a dedicated treasury entity.
“We aim to serve as a bridge between the US and Asian markets. There is significant demand from Asian investors seeking access to the US stock market, and they trust our team to help manage their investments within this treasury strategy.”
YZi Labs, formerly known as Binance Labs, is led by Ella Zhang and is overseen 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, worth $120.3 billion at this writing. Beyond trading, BNB is used to pay transaction fees, participate in staking and governance, making it central across the Binance’s broader ecosystem.
Companies embracing BNB as a reserve asset have emerged in recent months, with investors sending mixed signals through stock performance.
Shares of CEA Industries surged 550% after the company unveiled plans for a BNB treasury. Similarly, BMB Network Company’s $500 million BNB treasury vehicle was oversubscribed in its latest funding round.
Forbes reported in June 2024 that Zhao controlled about 64% of the entire BNB supply.
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