YZiLabs Launches Activist Campaign to Seize Control of BNB Network

YZiLabs, a family office backed by former Binance CEO Changpeng Zhao, has initiated an activist campaign to seize control of BNB Network (ticker BNC), the publicly traded company positioning itself as a major BNB treasury platform.

In a preliminary Schedule 14A filing on Monday, December 1, 2025, YZiLabs moved to expand the board of directors, unwind recent bylaw changes, and install its own slate through a written-consent process. This approach could grant YZiLabs effective control if it secures a majority of outstanding shares, bypassing a formal shareholder meeting.

The campaign follows a $500 million private investment in public equity (PIPE) transaction led by 10X Capital and YZiLabs in July 2025, which included $400 million in cash and $100 million in cryptocurrency. This deal facilitated BNB Network's pivot from nicotine-vape manufacturer CEA Industries to a BNB-focused corporate treasury, initially causing a 600% surge in its stock price.

YZiLabs alleges that management has failed in execution, citing slow regulatory filings, incomplete investor relations materials, and a lack of institution-facing marketing. The filing also raises concerns about CEO David Namdar's involvement in other digital-asset projects while BNB Network struggles, and questions the influence of 10X Capital, which holds both a significant shareholding and board presence.

Market pressures add to the drama: BNB is trading near a three-month low above $800, impacting BNB Network's treasury, which holds approximately 515,000 BNB worth around $412 million at an average cost of $851. BNC shares fell nearly 11% in early trading to $6.35, deepening the discount to its net asset value of $8.09 per share.

This activist move sets up a high-stakes governance battle that could reshape BNB Network's strategy and leadership, highlighting challenges in corporate transitions to crypto-linked business models.