Governance Tensions Rise at BNB Treasury Firm as Major Holders Clash Over SEC Disclosures

Governance tensions are escalating at CEA Industries (BNC), the firm managing the world's largest corporate BNB treasury, involving major holders YZi Labs and 10X Capital. YZi Labs publicly accused 10X Capital of violating US securities law by failing to file a Schedule 13D disclosing its ownership stake in BNC, which YZi claims exceeded 5% since late 2025. YZi Labs also alleged that 10X Capital founder Hans Thomas, a BNC board member, failed to submit required director ownership filings. This dispute follows BNC's recent refutation of YZi Labs' prior claims about Nasdaq compliance. Concurrently, the BNC Board proposed amending its Asset Management Agreement with 10X Capital to seek lower fees and better termination rights, a move enabled after YZi Labs terminated a side agreement restricting such amendments. The clash suggests a deeper contest over control and strategic direction at the BNB-focused public company.

(Source：BeInCrypto)