CZ plans to take over the troubled BNB reserve company and apply to replace the CEA board under the name YZi Labs.

The Zhao Changpeng family office YZi Labs launched a board coup against CEA Industries, highlighting the conflict between encryption capital and traditional shell company governance (Background: CZ: A fall is not the end of the world! Time will go on! The community praises BNB and ASTAR for their resilience) (Background: Analyzing the four major impacts of “CZ being pardoned by Trump” on the market: BNB is ushering in a great wave) The festive lights on Wall Street have just been lit, but Nasdaq has already staged a power struggle. On the 2nd, Binance founder Zhao Changpeng's family office YZi Labs submitted a proposal to the U.S. Securities and Exchange Commission, demanding the removal of all directors of CEA Industries (Ticker: BNC) and replacing them with their own personnel. Less than four months after injecting $500 million in August, the relationship problem between encryption capital and traditional companies has come to the forefront. Shareholder value evaporated, triggering a takeover order According to SEC documents, YZi Labs criticized the CEA management for causing “the continuous destruction of shareholder value” in their filing, demanding the immediate repeal of the charter changes made after July and expanding the seats to allow major shareholders to directly nominate agents. The implication is that the negotiation space has been completely closed off, and a takeover is the only option. The numbers reveal the source of the anger. CEA's stock price is currently only $6.47, compared to a high of $57.59 on July 28, a fall of nearly 90%. However, the company holds 515,054 BNB coins on its books, with an average cost of $851.29; even though BNB has slid to $829 due to a macro pullback, it is still up 17.8% this year. Based on this calculation, the market capitalization to net asset value ratio of CEA is only 0.79 times, meaning that for every $1 BNB held on the company's books, the market is only willing to pay $0.79. This discount reflects not the quality of assets, but a black hole of governance confidence. The criticism is aimed squarely at CEO David Namdar YZi Labs' proposed vote of no confidence targets CEO David Namdar and the behind-the-scenes 10X Capital, with accusations including poor execution, nearly halted marketing, weak investor relations, and previous recruitment of other competing treasury companies, suggesting a conflict of interest. CEA urgently added regulatory expert Annemarie Tierney to the board on November 26 in an attempt to appease the market, but in YZi's view, it was “too slow and too little”, further solidifying the original board's slow response. The honeymoon turned into a split, reflecting the time difference between encryption and Wall Street In August this year, CEA raised $500 million through a PIPE, originally intending to replicate the MicroStrategy model and serve as the world's largest BNB listing treasury. Four months later, however, both sides erupted in conflict due to a rhythm gap: encryption-native capital seeks instant decision-making and extreme efficiency; traditional shell companies rely on quarterly meetings and compliance processes. As asset premiums turned negative, the market chose to vote with its feet, and the discount acted like a leaking hourglass, forcing major shareholders to take action to stop the loss. A cautionary example behind the Trump market With external expectations that the Trump administration will relax encryption regulation, Wall Street has kicked off a “treasury trading frenzy”. However, CEA's experience reminds investors: holding quality tokens is just a ticket; what truly determines the value of a listed company is the governance structure. Once YZi Labs successfully takes power, this will become the first case of a crypto giant directly targeting a Nasdaq shell company, symbolizing that encryption capital is no longer content with being a door shareholder but wants to directly hold the keys. For Zhao Changpeng, betting $500 million on an inefficient management team is equivalent to a chronic loss. Rather than watching capital evaporate, it's better to take proactive measures. CEA's discount black hole and board coup may become the clearest governance teaching material before the wave of institutionalization of encryption assets in 2026. Related reports: Increasing “BNB MicroStrategy”! Huaxing Capital is said to be collaborating with Zhao Changpeng's YZi Labs to raise $600 million to buy BNB. Zhao Changpeng's late-night AMA surprise: Ten questions answered BNB ecosystem wealth code YZi Labs announces a $1 billion construction fund invested in the BNB ecosystem! EASY Residency Season Two recruits innovative projects This article was first published in BlockTempo, the most influential blockchain news media.