10X Capital plans to launch a new BNB treasury company targeting institutional and retail investors in the United States. Interestingly, the investment arm of Changpeng Zhao, YZi Labs (formerly Binance Labs), has confirmed its support via a recent official press release.
10X Capital’s Treasury Firm to Go Public in the U.S.
The venture aims to take its proposed treasury firm public on a major U.S. stock exchange. It claims the new company will focus exclusively on accumulating and managing Binance Coin (BNB) as a treasury asset. The initiative aims to bridge the exposure gap for U.S. investors to the growing BNB Chain ecosystem, the world’s fourth-largest blockchain by market cap.
A seasoned leadership team is spearheading the effort. David Namdar, co-founder of Galaxy Digital and senior partner at 10X Capital, brings deep expertise in crypto asset management. Russell Read, former CIO at CalPERS and Deutsche Asset Management, will serve as CIO, while Saad Naja, previously director at Kraken, rounds out the executive lineup.
YZi Labs believes the BNB Treasury Company will promote transparency and verified holdings, and foster active engagement in the BNB community. 10X Capital expects to close its financing round within weeks, after which the company will begin acquiring BNB tokens. If successful, the launch would position the firm as the first publicly listed, altcoin-focused treasury entity in the U.S.
Other Firms Support the Initiative
The yet-to-be-established firm is already garnering massive support from other venture firms aside from YZi Labs. Cohen & Company Capital Markets and Clear Street are assisting in raising initial funds to fuel the treasury’s BNB acquisitions. With over $10 billion in assets under management, YZi Labs’ backing brings both capital and credibility to the BNB treasury firm.
Ella Zhang, Head of YZi Labs, stated that aligning BNB’s institutional potential with 10X’s asset management expertise would provide significant benefits to the public. Hans Thomas, CEO of 10X Capital, emphasized that U.S. investors currently lack regulated options for BNB exposure and that the timing is ripe for a purpose-built, treasury company focused solely on BNB Chain.
Altcoins’ Institutional Adoption on the Rise
Institutional adoption of altcoins (crypto assets excluding Bitcoin) is gaining momentum. Sol Strategies has recently built its Solana treasury through validator operations and staking, holding over 1.4 million SOL. It has filed for a Nasdaq listing to attract U.S. institutional capital while deepening its presence in the fast-growing Solana ecosystem.
DeFi Development Corp., a U.S.-listed public company, has also entered the altcoin treasury trend, holding approximately 690,420 SOL. All assets are being staked to generate yield, offering shareholders exposure to both SOL price appreciation and native staking rewards.
Meanwhile, SharpLink Gaming has taken institutional altcoin treasury seriously by acquiring 205,634 ETH. With over 95% of its ETH deployed in staking and liquid staking protocols, the company utilizes yield-bearing strategies to enhance Ethereum’s network security while delivering shareholder value.
