On August 10, 2025, Nasdaq-listed company BNC (formerly VAPE, Nasdaq code: BNC) announced that it has invested approximately $160 million to acquire 200,000 BNB tokens, becoming the largest enterprise-level holder of BNB globally. The funds for this acquisition come from a $500 million private placement financing led earlier this year by 10X Capital and YZi Labs, which will be exclusively used to build a reserve strategy centered solely on BNB as the core asset.
A New Financial Strategy Focused on BNB
After rebranding and completing a strategic adjustment, BNC has fully focused its asset management business on BNB and restructured its executive team: David Namdar, co-founder of Galaxy Digital, has been appointed CEO, while former California Public Employees' Retirement System (CalPERS) CIO Russell Read and former Kraken executive Saad Naja have joined the management team; 10X Capital founding partner Hans Thomas and partner Alexander Monje have joined the board of directors.
Why Bet on BNB
BNB is the native token of the BNB Chain, which is one of the most active ecosystems for Web3 developers and users globally, currently ranked fourth in market capitalization, with a total locked value (TVL) of $12.3 billion, placing it third worldwide. With a deflationary burn mechanism, continuously rising on-chain activity, and potential catalysts such as a BNB spot ETF, BNB is seen as an asset with significant long-term appreciation potential.
Profound Impact on the Market and Industry
BNC's $160 million position secures its status as the largest institutional-level BNB reserve globally. The current BNB ecosystem has approximately 250 million users, with an average daily trading volume of $9.3 billion, but remains relatively underrepresented in the U.S. market. BNC plans to act as a bridge, paving the way for more institutional capital to enter the BNB ecosystem.
Future Plans
BNC will continue to increase its holdings of BNB until the initial capital is fully deployed; additionally, the company can raise up to $750 million through a warrant structure, with total fundraising expected to approach $1.25 billion to further expand its BNB reserves. This will provide U.S. and global investors with a channel to gain exposure without directly holding BNB.
With this $160 million entry and $500 million capital support, BNC not only establishes its position as the largest enterprise-level BNB reserve globally but also expresses strong confidence in the long-term development prospects of BNB Chain, aiming to position BNB at the core of U.S. institutional investment visibility.
About YZi Labs
YZi Labs manages over $10 billion in assets globally, adhering to an "impact-first" investment philosophy—believing that substantial returns stem from meaningful change. The company covers investments at all stages, focusing on Web3, artificial intelligence, and biotechnology. Its portfolio spans six continents and over 25 countries, encompassing more than 300 projects, with over 65 companies coming from its incubation program.
About 10X Capital
10X Capital is a next-generation investment firm dedicated to driving the digital transformation of assets and infrastructure, connecting institutional capital with high-quality global opportunities, covering public and private markets, portfolio companies, treasury operations, and related investment banking businesses. With expertise in corporate development, asset and treasury management, and capital markets, 10X Capital builds digital asset treasury enterprises and formulates globally impactful disruptive strategies.
About BNC
BNC (Nasdaq code: BNC) is a publicly traded company focused on building and managing the world's largest enterprise treasury of Binance Coin (BNB), providing institutional-level exposure to BNB for investors.
This article is contributed and does not represent the views of BlockBeats.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
