On August 10, 2025, NASDAQ-listed BNC (formerly VAPE, NASDAQ: BNC) announced that it had spent approximately $160 million to acquire 200,000 BNB tokens, becoming the world's largest corporate holder of BNB. The funds for this acquisition came from a $500 million private placement financing co-led by 10X Capital and YZi Labs earlier this year, which will be exclusively used to build a reserve strategy centered around BNB as the sole core asset.
A New Financial Strategy Focused on BNB
After rebranding and completing strategic adjustments, BNC has fully focused its capital management business on BNB and restructured its executive team: David Namdar, co-founder of Galaxy Digital, has been appointed CEO, while former CalPERS CIO Russell Read and former Kraken executive Saad Naja have joined the management team; Hans Thomas, founding partner of 10X Capital, and partner Alexander Monje have joined the board.
Why Bet on BNB
BNB is the native token of the BNB Chain, which is one of the most active ecosystems for Web3 developers and users globally, currently ranked fourth in market capitalization and with a total locked value (TVL) of $12.3 billion, ranking third worldwide. With a deflationary burn mechanism, continuously rising on-chain activity, and potential catalysts like a BNB spot ETF, BNB is seen as an asset with significant long-term appreciation potential.
Profound Impact on Markets and Industries
BNC's $160 million position secures its place as the world's largest institutional-grade BNB reserve. The current BNB ecosystem has approximately 250 million users and an average daily trading volume of $9.3 billion, but remains relatively underrepresented in the U.S. market. BNC plans to act as a bridge to facilitate more institutional capital entering the BNB ecosystem.
Future Plans
BNC will continue to increase its holdings of BNB until the initial capital is fully deployed; additionally, the company can raise up to $750 million through a warrant structure, with total fundraising expected to approach $1.25 billion to further expand its BNB reserves. This will provide channels for U.S. and global investors to gain exposure without directly holding BNB.
With this $160 million entry and $500 million in capital support, BNC has not only solidified its position as the world's largest enterprise-level BNB reserve but has also expressed strong confidence in the long-term development prospects of BNB, committing to bringing BNB to the core of the U.S. institutional investment landscape.
About YZi Labs
YZi Labs manages over $10 billion in assets globally, adhering to an 'impact first' investment philosophy—believing substantial returns stem from meaningful change. The company covers investments at various stages, focusing on Web3, artificial intelligence, and biotechnology. Its portfolio spans six continents and over 25 countries, encompassing more than 300 projects, of which over 65 companies come from its incubation program.
About 10X Capital
10X Capital is a next-generation investment firm dedicated to driving the digital transformation of assets and infrastructure, connecting institutional capital with global high-quality opportunities, covering both public and private markets, portfolio companies, treasury operations, and related investment banking services. With expertise in corporate development, asset and treasury management, and capital markets, 10X Capital builds digital asset treasury enterprises and formulates globally impactful disruptive strategies.
About BNC
BNC (NASDAQ: BNC) is a publicly traded company focused on building and managing the world's largest corporate treasury of Binance Coin (BNB), providing institutional-grade BNB investment exposure to investors.
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