According to a report by Bloomberg today (13), citing sources, China Renaissance Holdings Ltd., a well-known investment bank headquartered in Beijing, is in talks with YZi Labs, the family office of Changpeng Zhao, the founder of Binance, the world's largest cryptocurrency exchange, to raise approximately US$600 million to establish a publicly traded special investment vehicle focused on purchasing BNB.
Sources familiar with the matter further revealed that China Renaissance Capital and YZi Labs will jointly invest $200 million in the deal. The $600 million raised will be used to establish a US-based "Digital Asset Treasury" (DAT) dedicated to accumulating BNB tokens, similar to how Bitcoin giant Strategy (MicroStrategy) has done.
In-depth cooperation between Huaxing Capital and YZi Labs
It is worth mentioning that this is not the first time that Huaxing Capital has cooperated with YZi Labs. Since the beginning of this year, the two parties have launched a number of strategic collaborations in the BNB ecosystem.
First, in August 2025, Huaxing Capital announced the signing of a strategic cooperation memorandum with YZi Labs, planning to invest approximately $100 million in BNB, becoming the first Hong Kong-listed financial institution to include BNB in its asset portfolio. At the time, Huaxing Capital's head of Web3 business stated that BNB is not only an asset but also a key component supporting the future digital financial ecosystem.
Furthermore, in early October, YZi Labs hosted a "BNB Bullish" dinner at the Shangri-La Hotel in Singapore, with representatives from China Renaissance in attendance. Sources familiar with the matter revealed that six "BNB Treasury Companies," including China Renaissance, are currently in the works, attracting the attention of top family offices in Asia.
