BNB Treasury Company BNC Responds to Shareholder Doubts: $500 Million Position Strategy Has Never Wavered

[BlockBeats] A corporate governance dispute centered around BNB holding strategy is still brewing.

Nasdaq-listed company CEA Industries (ticker BNC) has just directly responded to shareholder YZi Labs’ concerns. This company, whose core strategy is its “BNB treasury,” made its stance clear: Since completing PIPE financing in July this year, we have never considered switching to other tokens, nor have we secretly engaged in any competing digital asset projects.

Let’s show the balance sheet first: As of December 4, the company holds 515,554 BNB, valued at $464.6 million at the time. This substantial holding is precisely the core of the dispute between the two parties.

Regarding the board’s composition, BNC emphasized that its current team fully complies with Nasdaq regulations—independent directors constitute the majority, and each member possesses the professional ability to oversee operations and create value for shareholders. Two days before YZi submitted its statement requesting an expanded and reorganized board, management had already extended an olive branch, opened direct communication channels, and was prepared to review each of the issues raised by the other side.

The company specifically reminded shareholders: No action is required at this stage.

The story traces back to December 3. At that time, YZi Labs sent a rectification notice to asset manager 10X Capital, using rather harsh language—accusing them of delaying disclosures, having conflicts of interest, and mismanagement. YZi warned other shareholders that if 10X Capital continued this way, the stock price would keep falling. They demanded immediate improvement in governance structure and fulfillment of the previously promised BNB crypto treasury strategy.

Now, the ball is in BNC’s court. On one side, the company insists its strategy has never wavered; on the other, shareholders question issues in execution. This tug-of-war over transparency, governance rights, and digital asset strategy execution is likely far from over.