Binance Founder’s Investment Fund Backs BNB Treasury Company Preparing for IPO

Key Takeaway:

• YZi Labs (Changpeng Zhao’s family office) supports 10X Capital in establishing “The BNB Treasury Company”
• The company will buy and hold BNB with plans to list on a major US exchange
• David Namdar appointed as CEO, a senior partner at 10X Capital and co-founder of Galaxy Digital

Binance co-founder Changpeng Zhao’s family office YZi Labs will support a new treasury company aimed at providing investors with exposure to BNB with goals of going public in the US.

YZi Labs announced Wednesday that it will support investment firm 10X Capital in establishing a BNB treasury company with plans to list on “a major US exchange,” according to a shared statement.

Called “The BNB Treasury Company,” the company will appoint David Namdar as CEO. He is a senior partner at 10X Capital and co-founder of Galaxy Digital, where he was formerly co-head of trading.

10X Capital will serve as the asset manager for this planned BNB buying company.

The planned company represents the latest trend of firms purchasing large amounts of cryptocurrencies, such as Bitcoin, to provide Wall Street with a vehicle for digital asset exposure.

BNB, formerly called Binance Coin, is a token created by cryptocurrency exchange Binance – the world’s largest by trading volume. The token provides holders with discounts on the platform and is used in products on the BNB Chain blockchain.

“BNB Chain is one of the largest, highest performing digital asset ecosystems globally, serving hundreds of millions of users, however institutional and retail investors in the US have limited exposure to BNB’s growth,” said Hans Thomas, founder and CEO of 10X Capital.

“BNB Chain is one of the most widely adopted blockchain ecosystems,” shared Ella Zhang, Head of YZi Labs. “We believe expanding its institutional access can deliver meaningful benefits to the broader public.”

The planned BNB treasury firm expects to announce the closing of its related financing “in the coming weeks,” according to the statement.

Such exchange-tied tokens are typically viewed as a proxy allowing traders to invest in cryptocurrency exchanges, and the planned BNB-buying company could open the US market to Binance.