Former Bitmain execs to launch BNB treasury firm with YZi Labs backing, targets $1 billion raise

Digital asset-focused investment firm B Strategy announced its initiative to launch a Nasdaq-listed BNB treasury company with an aim to raise $1 billion.

"The initiative intends to operate through a U.S.-listed vehicle not only to hold BNB as a treasury but also to become the ‘Berkshire Hathaway’ of the BNB ecosystem," the press release said. 

B Strategy's yet unnamed BNB treasury company will receive strategic support from YZi Labs,  which will provide funding support as well as ecosystem support by connecting the project with its partners, a representative told The Block.

Binance co-founder Changpeng Zhao added in an X post that the $1 billion raise is being led by a "serious OG."

B Strategy said it will also leverage its extensive footprint in the Asia-Pacific region for liquidity, market intelligence and distribution, adding that several prominent Asia-based family offices have already joined as anchor investors.

Apart from operating a BNB treasury, the company will input capital and resources for investing in core technology development, providing grants for projects, and supporting community initiatives, the release said.

The company's Nasdaq listing and the $1 billion raise is expected to be completed within a few weeks, the YZi Labs representative told The Block.

After the notable success of Michael Saylor's strategy, dozens of companies have established their own corporate crypto treasuries. While most of these treasuries are built on Bitcoin and Ethereum, some companies are diversifying into other altcoins like Solana, XRP and Dogecoin.

Once launched, B Strategy's new company will join multiple other companies that offer leveraged exposure to BNB.

BNC, a subsidiary of CEA Industries, purchased 200,000 BNB for $160 million earlier this month, effectively becoming the largest publicly listed holder of the cryptocurrency. BNC previously closed a $500 million private placement led by YZi Labs and 10X Capital.

BNB is currently the world's fifth largest cryptocurrency with a $121.9 billion market capitalization. It is trading at $873.8, down 0.22% in the past 24 hours, according to The Block's BNB price page.

Update: The article was updated for clarity and to include the quote from Binance founder Changpeng Zhao on the lead investor.