Changpeng Zhao, the founder of Binance, is making new moves in the crypto treasury space as his family office supports a BNB-focused treasury firm aiming to go public in the US, according to Cointelegraph.YZi Labs confirmed it will back investment firm 10X Capital in launching a dedicated BNB treasury company that will provide institutional investors and Wall Street with exposure to BNB, Binance’s exchange-linked token.This planned “BNB Treasury Company” will be led by David Namdar, a senior partner at 10X Capital and co-founder of Galaxy Digital, where he was previously co-head of trading. 10X Capital will serve as the asset manager for the BNB buying vehicle.

“BNB Chain is one of the most widely adopted blockchain ecosystems,” said Ella Zhang, head of YZi Labs, adding that boosting institutional access could deliver significant benefits to the broader crypto market.

BNB, originally launched by Binance, is used for trading discounts on the platform and to power the BNB Chain ecosystem built by Binance in 2019. Despite his legal separation from Binance’s operations, Zhao remains deeply tied to BNB’s growth. In February, Zhao disclosed that 98.5% of his crypto holdings are in BNB, although he did not reveal the total value.

A June 2024 Forbes report noted that Zhao and Binance together hold nearly 96% of BNB’s circulating supply. The report estimated that Zhao personally owns 94 million BNB tokens, worth about $63 billion, while Binance itself holds roughly 31.5% of the supply.

Although Zhao can no longer manage Binance under a US plea deal over money laundering charges, he remains the exchange’s largest shareholder.

Altcoin Treasury Trend Gains Steam

The BNB Treasury Company is the latest in a wave of crypto-holding firms bringing altcoins to traditional capital markets. While public companies like MicroStrategy pioneered Bitcoin treasuries, new entrants are targeting tokens like BNB and XRP.

Chinese chip maker Nano Labs, listed on Nasdaq, recently announced plans to buy up to $1 billion worth of BNB, beginning with a $50 million purchase. Other companies, such as Singapore’s Trident Digital and China’s Webus, have disclosed multi-million-dollar XRP accumulation strategies.

In a post on X, Zhao said more than 30 teams are exploring BNB treasury public companies, signaling growing demand for crypto-backed financial vehicles that could unlock fresh liquidity for altcoins.

BNB is currently trading above $670, up 1.3% in the last 24 hours, according to CoinGecko.

The new BNB Treasury Company expects to finalize its fundraising and provide updates on its planned US exchange listing in the coming weeks.

The post appeared first on CryptosNewss.com

#BNB_Market_Update #ChangpengZhao $BNB