Binance Founders’ $10 Billion Fund Backs US Crypto Listing Bid

2025-07-10 17:05:16

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(Bloomberg) -- YZi Labs, the family office of Binance co-founders Changpeng Zhao and Yi He, will back investment firm 10X Capital’s plan to set up a publicly traded company in the US to invest in BNB, a token linked to the crypto exchange the pair started.

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YZi Labs, which oversees about $10 billion in assets, will “support” 10X Capital in establishing the BNB treasury company, 10X Capital said in a statement, without giving further details on the arrangement. YZi Labs said in an email that details on the size of the fundraising “are not available for disclosure at this time,” while 10X Capital didn’t respond to a request for comment.

The new entity will be focused “exclusively” on the BNB Chain ecosystem, the blockchain that supports the BNB token, and 10X Capital will serve as asset manager, the statement said. YZi Labs said the new firm, called BNB Treasury Company, is “intended to pursue a public listing on a major U.S. stock exchange.”

BNB, with a market value of roughly $98 billion, is the fifth-largest digital asset, according to CoinGecko. The token traded little changed at about $670 as of 12:28 p.m. in New York.

Treasury accumulation strategies like the one 10X Capital and YZi Labs are pursuing originally focused on Bitcoin, but have in past months started to target smaller cryptocurrencies. A team of crypto hedge fund executives are in advanced talks to raise $100 million for investing in BNB, Bloomberg news reported last month.

BNB, which was earlier known as Binance Coin, was created by Binance in 2017 via an initial coin offering. A 2017 white paper for the ICO shows that 80 million tokens were allocated to the company’s founding team, which included former CEO Zhao. The money raised through that ICO was used to launch the Binance exchange.

(Updates the token price and adds a new headline.)