Changpeng Zhao-backed YZiLabs launches boardroom coup at BNB treasury firm BNC

YZiLabs, the family office of Changpeng Zhao, has initiated an activist campaign to seize control of BNB Network (formerly CEA Industries, ticker BNC), a company focused on being a major BNB corporate treasury. The firm filed a Schedule 14A seeking to expand the board, reverse recent bylaw changes, and install its own directors through a written-consent process, which could grant control without a shareholder meeting.

This move comes months after YZiLabs helped fund BNC's $500 million private placement, which pivoted the former vape manufacturer into a publicly traded BNB treasury. YZiLabs now alleges management failures, citing slow filings, incomplete investor materials, and a lack of institutional marketing. Concerns were also raised about CEO David Namdar promoting other digital-asset efforts and 10X Capital's dual role as asset manager and board member.

The pressure is compounded by market conditions; BNB is trading near a three-month low, impacting BNC's treasury value, and BNC shares are trading at a significant discount to their reported Net Asset Value (NAV).

(Source：The Block)