Changpeng Zhao to Fund BNB Company with Plans for a US IPO

The family office of Binance founder Changpeng Zhao has decided to support the creation of a company that will buy up BNB tokens and go public in the US. It appears that the former head of the world’s largest crypto exchange does not intend to remain inactive, even while banned from running Binance.

BNB meets Wall Street.

YZi Labs is officially supporting @10XCapitalUSA to develop the BNB Treasury Company.

U.S. investors now have a gateway for BNB’s growth.

YZi Labs champions BNB as a treasury asset, and chooses our partners with care.

Rely only on our official channels… https://t.co/4zEGKki0ve

— YZi Labs (@yzilabs) July 10, 2025

Zhao’s family office, called YZi Labs, announced on July 9 that it is backing investment firm 10X Capital to create a so-called BNB Treasury Company. This company will be responsible for acquiring and holding BNB tokens with the goal of listing on a major U.S. exchange.

David Namdar, a senior partner at 10X Capital and co-founder of Galaxy Digital, where he previously served as co-head of the trading division, will become CEO of the new company. 10X Capital will serve as the asset manager for the planned BNB buyout company.

“BNB Chain is one of the most widely used blockchain ecosystems. We believe that increasing institutional access to it can bring significant benefits to the general public.”
—Ella Zhang, Head of YZi Labs

Ella Zhang, Head of YZi Labs. Source: Facebook/Binance 

The planned company is just the latest example of a trend where firms are acquiring large amounts of cryptocurrencies such as Bitcoin, providing Wall Street with a tool to gain exposure to digital assets.

BNB, formerly known as Binance Coin, is a token created by the cryptocurrency exchange Binance. It provides holders with platform discounts and is used in BNB Chain blockchain products, which Binance launched in 2019.

Hans Thomas, founder and CEO of 10X Capital, explained that BNB Chain “one of the largest and best performing digital asset ecosystems in the world, serving hundreds of millions of users, yet institutional and retail investors in the U.S. have limited access to BNB’s growth.”

Tokens linked to exchanges are usually seen as a way to allow traders to support a cryptocurrency exchange and can be a major source of funding for such platforms. However, in the case of BNB, the situation is unique.

In February, Zhao disclosed that 98.5% of his cryptocurrency portfolio is BNB, without specifying the total value of his assets. Forbes reported in June 2024 that Zhao and Binance together control nearly 96% of BNB tokens in circulation.

According to the report, Zhao owns 94 million BNB tokens, which are currently worth nearly $63 billion and represent more than 64% of BNB’s circulating supply. Binance controls 31.5% of the supply.

Source: CZ

Zhao is banned from running Binance as part of a plea agreement with U.S. authorities for money laundering violations, but he remains the exchange’s largest shareholder.