YZi Labs has ended its months-long governance fight with BNB treasury firm CEA Industries (ticker: BNC) through a new cooperation agreement. The two sides have called off their proxy contest, which centered on how BNC manages its BNB-focused treasury strategy and communicates with shareholders. The deal aims to reset the relationship and refocus the company on growing what it pitches as a leading listed BNB treasury vehicle.
Under the agreement, BNC immediately added three YZi-linked nominees to its board: YZi Labs head Ella Zhang, venture investor Matthew Roszak, and Binance Labs alum Alex Odagiu. The board will also form a CEO search committee that prioritizes candidates with experience in both public companies and digital assets. Until that search is complete, Odagiu will serve as interim president and report directly to the board.
From Proxy Fight to Cooperation
YZi Labs, backed by Binance founder Changpeng “CZ” Zhao, spent months challenging BNC’s governance, pay decisions, and BNB strategy.
It filed a consent solicitation with U.S. regulators to expand the board, reverse bylaw changes, and install its own director slate without a traditional shareholder meeting. YZi argued that BNC’s board “urgently requires additional directors” to address stock underperformance and operational missteps.
BNC pushed back and publicly denied plans to shift away from its BNB focus into other tokens, such as Solana. The company said it remained committed to building “the world’s largest publicly listed BNB Chain digital asset treasury strategy,” despite its lagging share price. Under the new cooperation deal, both sides have dropped the consent fight and will work through the reconstituted board instead.
Refocusing on BNB Treasury Strategy
YZi Labs, backed by Binance founder Changpeng “CZ” Zhao, spent months challenging BNC’s governance, pay decisions, and BNB strategy. It filed a consent solicitation with U.S. regulators to expand the board, reverse bylaw changes, and install its own director slate without a traditional shareholder meeting.
YZi argued that BNC’s board “urgently requires additional directors” to address stock underperformance and operational missteps.
BNC pushed back and publicly denied plans to shift away from its Binance Coin (BNB) focus to other tokens, such as Solana. The company said it remained committed to building “the world’s largest publicly listed BNB Chain digital asset treasury strategy,” despite its lagging share price. Under the new cooperation deal, both sides have dropped the consent fight and will work through the reconstituted board instead.
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