YZi Labs announced Wednesday it is supporting investment firm 10X Capital in establishing a BNB treasury company. Initially mentioned only by tagline as the “BNB Treasury Company,” the planned entity aims to list on “a major U.S. exchange,” according to a statement shared with CoinDesk.

David Namdar, a senior partner at 10X Capital and co-founder of Galaxy Digital, has been appointed CEO. Prior to joining 10X, Namdar served as co-head of trading at Galaxy Digital.

10X Capital stands ready to manage the planned investment company, which focuses on acquiring and holding substantial quantities of BNB.

This venture joins an emerging market of publicly listed companies holding significant crypto assets, providing traditional finance gateways into the digital asset space.

According to YZi Labs head Ella Zhang, the goal of expanding institutional access to the BNB Chain, which powers “hundreds of millions of users,” is “to deliver meaningful benefits to the broader public.”

“BNB Chain is one of the most widely adopted blockchain ecosystems,” Ella Zhang, head of YZi Labs, said.

Supporting this view, 10X Capital founder and CEO Hans Thomas said: “The BNB Chain ecosystem is one of the largest, highest performing digital assets ecosystems globally… however, institutional and retail investors in the U.S. have limited exposure to the growth of BNB.”

The timing for this development aligns with persistent interest from public company executives seeking to enter the crypto market. CZ previously communicated via X that “over 30 teams” were vying to build a publicly traded BNB entity.

The Connection to Binance’s Co-Founder

While Binance oversees issuance and platform utilization, the BNB token itself operates independently. The exchange’s founder, Changpeng Zhao, revealed in February that BNB constituted nearly 98.5% of his cryptocurrency holdings, though the exact value was not disclosed.

Facing money laundering charges in the U.S., Zhao agreed to a deferred prosecution deal that prohibits him from directly managing Binance but permits him to remain as the exchange’s largest shareholder.

Accuracy checks: “According to a report published in June of this year by the American publishing house Forbes, Zhao and Binance together control almost 96% of the circulating BNB tokens…” revealed market dominance.

Prior Binance funding and infrastructure make this new treasury a significant step towards broader institutional integration.