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Former Bitmain executives have unveiled B Strategy, a digital asset firm aiming to build a Nasdaq-listed BNB treasury company with a target raise of $1 billion. Backed by YZi Labs, the family office of Binance co-founder Changpeng Zhao (CZ), the initiative is designed to provide institutional investors with regulated exposure to BNB, Binance’s native token.
CZ’s Family Office Supports BNB Treasury Strategy
According to B Strategy’s announcement, the company will mirror the structure of 10X Capital, which previously raised $250 million with YZi Labs’ support to accumulate BNB reserves. The new vehicle intends to work with a U.S.-listed partner via private placements, funneling capital directly into BNB holdings.
“The goal is to maximize BNB per share and provide full transparency to investors,” explained Leon Lu, B Strategy’s co-founder and former Bitmain fund manager.
Max Hua, the company’s other co-founder and Bitmain’s ex-CFO, stressed that the treasury firm will undergo independent audits, maintain strict risk controls, and adhere to U.S. regulatory requirements.
CZ clarified on X that YZi Labs is a supporter but not the lead sponsor, describing the initiative as “another B Strategy capital raise.”
Why BNB Is Strengthening Its Position
BNB is currently the fourth-largest cryptocurrency, with a market capitalization of about $121.9 billion. Despite market volatility, the token has gained nearly 40% in six months, recently hitting record highs.
Ella Zhang, head of YZi Labs, emphasized BNB’s growing importance:
“BNB is central to stablecoins, real-world assets, and the future of financial systems. This treasury initiative will help accelerate mainstream adoption.”
Corporate adoption of BNB treasuries has produced dramatic stock market reactions. For example, CEA Industries, formerly a vaping products firm, pivoted into a BNB treasury strategy and saw its shares soar by 550% following the announcement.
Meanwhile, BNB Network’s $500 million fundraising round was heavily oversubscribed, demonstrating investor confidence in the token’s ecosystem. However, risks remain. Windtree Therapeutics was delisted from Nasdaq after holding BNB reserves, a cautionary tale that B Strategy says it will avoid through robust governance and compliance frameworks.
Connecting Asian Capital and Wall Street
B Strategy is positioning itself as a bridge between Asian investors and U.S. markets, highlighting interest from multiple Asia-based family offices already committed as anchor investors. The firm expects to close its $1 billion fundraising goal within the coming weeks.
Beyond building its BNB treasury, B Strategy also intends to:
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Invest in technology development within the Binance ecosystem.
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Provide grants for blockchain-based projects.
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Support community-driven initiatives, strengthening BNB’s utility and adoption.
This dual focus on treasury accumulation and ecosystem growth reflects B Strategy’s ambition to play a pivotal role in BNB’s long-term expansion.
Institutional Interest in BNB Grows
The push to create structured BNB treasury vehicles underscores the institutional appetite for crypto-native reserve assets. While Bitcoin and Ethereum treasuries have dominated headlines for years, 2025 has marked a turning point for BNB.
Institutional players are increasingly recognizing BNB’s role in decentralized finance (DeFi), real-world asset tokenization, and payment networks. With strong backing from Binance’s global ecosystem, BNB has emerged as a critical player beyond its role as an exchange utility token.
Market analysts note that initiatives like B Strategy could help normalize BNB-based corporate treasury strategies in the same way that Bitcoin adoption by public companies once did.
Market Impact and Investor Outlook
On the day of the announcement, BNB traded at $846, down 3.5% over 24 hours, reflecting broader market weakness. Bitcoin also slipped 3.2%, falling below $110,000.
Despite the short-term pullback, long-term sentiment around BNB remains positive. Institutional flows into structured treasury products could absorb volatility, provide more stable liquidity, and cement BNB’s role in the financial system.
Analysts suggest that if B Strategy successfully executes its $1 billion raise, it could set off a wave of similar treasury companies focused on BNB, further solidifying its market capitalization and investor base.
Conclusion
B Strategy’s move to establish a Nasdaq-listed BNB treasury company with backing from YZi Labs reflects both growing institutional demand for BNB and the strategic vision of its founders, who are leveraging their experience at Bitmain. By combining transparent governance, U.S. regulatory compliance, and strong ties to Asian capital, the firm is aiming to position BNB as a mainstream treasury asset alongside Bitcoin and Ethereum.
With BNB gaining nearly 40% in just six months and expanding its role in DeFi and tokenized assets, initiatives like B Strategy could mark the next major milestone in the token’s journey from exchange coin to global reserve-grade digital asset.
