YZiLabs has launched an aggressive campaign to take control of BNB Network, escalating tensions within the company only months after backing its transition into a major corporate treasury vehicle for the Binance-linked ecosystem. The move was detailed in a newly filed Schedule 14A, outlining a plan to expand the board, reverse recent bylaw changes and install a new director slate through a written-consent process. Should a majority of outstanding shareholders support the effort, YZiLabs would gain operational control without a formal meeting, marking a significant shift in the company’s strategic direction. The attempt follows a period in which BNB Network was positioned as a flagship public market vehicle for gaining long term exposure to the BNB asset, backed by a large private placement that included both cash and crypto contributions. Expectations surrounding the pivot were high, with new leadership promoting the treasury strategy as a transparent institutional gateway into a major digital asset ecosystem. Recent developments, however, have introduced new pressure points that YZiLabs argues stem from execution failures rather than market conditions alone.
In its filing, the firm pointed to delays in regulatory paperwork, insufficient investor updates and a lack of targeted marketing toward institutions as signs of a rollout that failed to meet initial commitments. Another area of concern is the dual role held by 10X Capital, which is both an asset manager and a major influence on the board, raising questions about governance concentration. The accusations also allege that senior executives have been involved in unrelated digital-asset treasury initiatives while BNB Network struggled to build momentum. These concerns come at a time when credibility and operational consistency are critical for companies managing significant on chain treasuries, especially those tied to volatile underlying assets. The filing emphasized that the challenges extend beyond market pricing cycles and include structural weaknesses that could hinder the company’s ability to attract long term institutional holders. As pressure builds, investor attention has shifted toward whether BNB Network’s existing leadership can stabilize its strategy or whether governance intervention will become unavoidable.
Market conditions have amplified the dispute. BNB’s price has fallen to levels near a three month low, contributing to a growing disconnect between the value of BNB Network’s treasury and its public market capitalization. Current data shows the firm holding more than five hundred thousand BNB, valued at just over four hundred million dollars, at an average acquisition cost above eight hundred dollars per token. With BNC shares trading well below the company’s reported net asset value, the discount has widened meaningfully, forcing a reassessment of the treasury’s positioning and future growth prospects. Monday’s trading session saw the stock fall nearly eleven percent, deepening its valuation gap and lowering its multiple relative to the value of its holdings. The mismatch has created an opening for activist intervention, with YZiLabs arguing that improved oversight and a corrected strategic approach could narrow the discount over time. The outcome of the consent process will determine whether the company continues under its current leadership or undergoes a significant governance realignment shaped by one of its largest backers.
