Today I saw some people saying that YZi Labs exercised two types of previously held warrants and acquired a total of 7599264 new shares; The document was signed on September 21st. According to the number of shares declared, the number of ordinary shares increased from 41173850 to approximately 48773114, an increase of approximately 18.5%. This was revealed from the SEC's filing documents, and I checked and found that there were basically no issues. But I don't quite agree with their conclusion that BNC's issuance of additional shares is a big negative. Recently, I conducted some research due to holding BNC. Let me briefly explain. 1. Additional issuance refers to the issuance of new shares by a company, resulting in a decrease in assets per share. This time, YZi exercised its existing warrants and converted them into ordinary shares. By July 2025, when PIPE was launched, YZi had already paid the full amount, but had not yet acquired any shares. So this is not an additional issuance. 2. If we only talk about the supply of tradable stocks, it has indeed increased, after all, warrants have become real stocks, and YZi can theoretically be sold. However, the disagreement and anger between Yzi Labs and the original board of directors, the standby clause of the cooperation agreement, and the fact that YZi has just taken the initiative to increase its voting rights all indicate that its short-term selling motivation is weak. 3. YZi has increased from about 5% to about 20%, and the voice of minority shareholders has relatively decreased. If you agree that Yzi Labs wants to boost BNC, then you should understand that this is a big advantage. After all, only with a strong vote can someone truly have motivation. The greater the power, the greater the responsibility. Moreover, Yzi Labs, as a member of the BNB ecosystem, is one of the most motivated players in the market to cause trouble. 4. By calculating the PIPE for July 2025, Yzi's investment cost is not low. If we only look at the PIPE part, the cost is 10.10 per share. Even with the addition of free consultant equity, the cost is 7.43. Now they are losing money, and the motivation for Yzi to cut meat at this price is very weak. If BNC can rise to 15.15, the market may be suppressed by warrants worth less than 50 million. It's still early. So, to summarize briefly, the information revealed in this document is: @ Yzilabs has become a major player in BNC, gaining significant voting power on the board and clearing obstacles for BNC's resurgence. Without additional issuance, even though the number of tradable stocks has increased, Yzi has no motivation to sell and they are still losing money. You can basically ignore this increase. I choose to continue holding and look forward to the day when BNC becomes the flywheel accelerator for BNB. @cz_binance @heyibinance @ellazhang516 @binancezh