YZiLabs Makes Power Play: Seeks Control of BNB Network Parent BNC

In a move that could reshape the crypto landscape, YZiLabs is reportedly making a bid for control of BNC, the parent company behind the BNB network. This isn't just another investment—it's a potential takeover that puts the future of one of the world's largest blockchains in play.

The Stakes on the Table

Control of BNC means influence over the BNB Chain's development roadmap, its vast validator ecosystem, and the economic policy of its native token. For a network that processes billions in daily volume and anchors an entire decentralized finance (DeFi) universe, the implications are staggering. It's the kind of power grab that makes traditional venture capital look like a polite boardroom discussion.

A Calculated Gambit in a Volatile Market

The timing is provocative. With the crypto market navigating another cycle of euphoria and fear, securing a foundational layer like BNB could be seen as a hedge against volatility—or a masterstroke to capitalize on it. YZiLabs isn't just buying a company; it's potentially buying a seat at the very table where blockchain governance gets decided. After all, in crypto, the real money isn't always in trading the tokens, but in controlling the rails they run on.

This bid signals a new phase of maturity—or perhaps just aggressive consolidation—where the builders of infrastructure become the prime targets for acquisition. Whether this leads to accelerated innovation or centralized choke points remains the billion-dollar question. One thing's for sure: in the race for blockchain supremacy, owning the network might just be the ultimate trophy. Just ask any banker who missed the Bitcoin boat—sometimes the biggest risk is not making the power play.

Key Highlights

• YZiLabs launches a written-consent campaign to expand BNC’s board and replace existing directors.
• The firm alleges that BNC mishandled filings, communication, and treasury updates.
• The move follows past disclosure delays and BNC’s growing BNB-based discount.

Changpeng Zhao–backed YZiLabs has launched a bid to reshape the board of BNB Network, the Nasdaq-listed corporate treasury firm formerly known as CEA Industries. The MOVE was disclosed this week in a Schedule 14A filing, seeking to add directors and reverse recent bylaw changes.

The effort targets a company that rebranded earlier in 2025 after a $500 million PIPE led by 10X Capital and YZiLabs, positioning it as the largest public BNB treasury in the U.S. YZiLabs cites delayed filings, poor communication, and a widening NAV discount, arguing the board needs new oversight to regain direction.

Boardroom coup attempt

The conflict escalated on December 1 with a preliminary Schedule 14A filing. YZiLabs is seeking shareholder consent to expand BNC’s board and install its own director slate, a step that could shift control without calling a shareholder meeting.

The filing argues that BNC’s current board has overseen “continued destruction of stockholder value,” citing delays, limited disclosure, and persistent trading at a steep discount to BNB holdings. If YZiLabs secures majority consent from outstanding shares, it WOULD gain effective control of the board.

BNC’s preliminary filing confirms YZiLabs’ 5% stake and its bid to reshape the board, with the company preparing to oppose the consent drive.

YZiLabs’ November 27 letter

On November 27, YZiLabs published an open letter accusing BNC’s leadership of slow regulatory filings, unclear messaging, and minimal updates around its BNB holdings. The firm argued that the digital-asset treasury strategy had stalled despite favorable market conditions and an appreciating BNB price.

https://t.co/u4tBLzbdCY

The letter also raised concerns about investor confusion and oversight, saying BNC lacked the board-level expertise required to execute its pivot into a BNB-focused corporate treasury.

BNB treasury 

Despite the governance turmoil, BNC recently reported significant BNB holdings. As of October 7, the firm held 480,000 BNB, then valued NEAR $585 million, plus cash reserves, totaling $663 million. The treasury had reached an all-time high (ATH) at that time, and BNB is currently priced at $811.

That same volatility now works against BNC: falling BNB prices have widened its public-market discount, intensifying pressure from shareholders.

What’s next

The written-consent drive puts BNC under pressure: if YZiLabs secures majority support, it can replace directors without a meeting. If the board holds the line, it keeps control but still faces demands for clearer communication and better oversight.

Markets now await the definitive proxy materials, updated treasury disclosures, and any response from 10X Capital or BNC leadership as the fight enters its next phase.

Also read: VanEck Files S‑1 Amendment for U.S. BNB Spot ETF