CZ’s Family Office Moves to Seize Control of BNB Treasury Company

TLDR

• YZiLabs, backed by Changpeng Zhao, filed to take control of BNB Network (formerly CEA Industries) through a board coup attempt.
• The move comes months after YZiLabs helped fund BNB Network’s $500 million private placement deal in August 2025.
• YZiLabs accuses management of slow investor updates, poor marketing efforts, and CEO David Namdar of promoting competing crypto treasury companies.
• BNC shares fell 11% to $6.35 on Monday, trading at 0.8x its net asset value of $8.09 per share.
• BNB Network holds 515,054 BNB tokens worth approximately $412 million, with BNB trading near three-month lows around $800.

Changpeng Zhao’s family office YZiLabs has launched a campaign to seize control of BNB Network, just months after helping fund the company’s transformation into a crypto treasury. The firm filed a Schedule 14A on Monday seeking to expand the board and install its own directors through a written-consent process.

BNB Network, formerly known as CEA Industries, changed from a nicotine-vape manufacturer to a BNB treasury company earlier this year. The company surged over 600% in July after 10X Capital and YZiLabs led a $500 million private placement deal.

The deal included $400 million in cash and $100 million in crypto. It closed in August and installed new leadership including CEO David Namdar from 10X Capital.

YZiLabs claims the company’s rollout has failed to meet expectations. The filing accuses management of slow regulatory filings and incomplete investor materials.

The firm says BNB Network made little effort to market itself to institutional investors. YZiLabs also alleges Namdar promoted other digital asset treasury companies while BNB Network struggled.

The filing raises questions about 10X Capital’s dual role as both asset manager and board member. If a majority of shareholders approve the proposals, YZiLabs would gain control without holding a shareholder meeting.

Market Performance

BNC shares dropped nearly 11% to $6.35 in Monday trading. The stock now trades at a discount to its reported net asset value of $8.09 per share.

CEA Industries Inc. Common Stock, BNC

The company’s market-to-NAV ratio sits at roughly 0.8x. BNC shares have fallen about 89% from their July peak of $57.59.

The stock is down over 20% for 2025. Shares now trade below the price before the company pivoted to crypto.

BNB Holdings Under Pressure

BNB Network holds 515,054 BNB tokens purchased at an average cost of $851.29. At current prices near $800, the holdings are worth approximately $412 million.

BNB has declined almost 40% from its October all-time high of $1,367. The token trades at three-month lows alongside broader crypto market weakness.

Despite recent losses, BNB is up 17.8% year-to-date. The decline reflects wider macroeconomic concerns affecting digital assets.

YZiLabs argues management mistakes have compounded market pressures. The filing states the board should consider selecting a new CEO.

The firm previously marketed itself as Zhao’s family office. Zhao founded Binance, which reportedly owns the majority of BNB’s supply.

CEA Industries did not respond to requests for comment on the board coup attempt.

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