CEA Industries (BNC) has reached a cooperation agreement with YZi Labs, ending a months-long proxy fight over the governance of the public company that manages one of the largest corporate treasuries of BNB. The settlement, effective June 23, immediately reshapes the board and sets a leadership transition in motion while preserving the company’s digital-asset treasury strategy.
Board expands with digital-asset expertise
Under the deal, three new directors join the board: Ella Zhang, Managing Partner and Head of YZi Labs; Alex Odagiu, Investment Partner at YZi Labs; and Matthew Roszak, co-founder of Bloq and Tally Capital. They sit alongside existing members Carly E. Howard (Chair), Annemarie Tierney and Glenn Tyranski. The parties will also jointly search for an additional independent director with experience in digital assets, capital markets and public-company governance.
Leadership changes and CEO hunt
The board will create a CEO Search Committee focused on candidates who combine public-company and digital-asset backgrounds. During the transition, Alex Odagiu will serve as Interim President, reporting directly to the board, while current CEO David Namdar remains in his role. The structure addresses governance concerns that YZi Labs had raised about the company’s management of its BNB treasury.
Proxy campaign withdrawn
YZi Labs agreed to terminate its consent solicitation campaign and withdraw related books-and-records demands and record-date requests. It also accepted customary voting commitments and standstill provisions, aiming for long-term stability.
BNB treasury strategy remains central
CEA Industries describes itself as the manager of the world’s largest corporate BNB treasury. The strategy gained momentum in 2025 after a $500 million private placement backed by YZi Labs and 10X Capital—comprising $400 million in cash and $100 million in crypto, with warrants that could raise total proceeds to $1.25 billion. The company subsequently purchased 200,000 BNB (roughly $160 million at the time), making it the largest listed corporate holder of the token. BNB was trading near $578.63, down about 1% over 24 hours, while CEA shares closed at $2.27, up 8.35%.
Ella Zhang emphasized that BNB’s value depends on utility across transaction fees, network participation, applications, liquidity and economic activity, and that CEA can translate that exposure into a transparent public-market platform. Alex Odagiu highlighted the growing role of BNB Chain in decentralized finance, stablecoins, payments, tokenized assets and AI applications. The company’s annual shareholder meeting is scheduled for July 22, where further governance details will be shared.
