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B Strategy, a digital asset investment firm founded by former Bitmain executives, plans to launch a $1 billion crypto treasury focused on investing in BNB, the native token of the Binance ecosystem.

According to a Monday announcement, the new BNB (BNB) treasury is backed by YZi Labs, the family office of Binance co-founder Changpeng Zhao.

The new company will be structured similarly to 10X Capital, which recently launched a BNB treasury with YZi Labs’ support, a spokesperson for B Strategy told Cointelegraph.

To fund its crypto treasury, 10X Capital raised $250 million with YZi Labs’ help in July, allocating the capital to accumulate and hold BNB as a long-term reserve asset.

“We plan to collaborate with a US-listed company through a private placement,” the representative said. “Following the capital injection from this placement, the listed company will purchase BNB, transitioning its business model to focus on holding and managing BNB assets as a dedicated treasury entity.

“We aim to serve as a bridge between the US and Asian markets. There is significant demand from Asian investors seeking access to the US stock market, and they trust our team to help manage their investments within this treasury strategy.”

YZi Labs, formerly known as Binance Labs, is led by Ella Zhang and is overseen by Binance's Zhao.

BNB treasury companies rise and fall

According to Cointelegraph indexes, BNB is the fourth-largest crypto token by market capitalization, worth $120.3 billion at this writing. Beyond trading, BNB is used to pay transaction fees, participate in staking and governance, making it central across the Binance’s broader ecosystem.

Companies embracing BNB as a reserve asset have emerged in recent months, with investors sending mixed signals through stock performance.

Shares of CEA Industries surged 550% after the company unveiled plans for a BNB treasury. Similarly, BMB Network Company’s $500 million BNB treasury vehicle was oversubscribed in its latest funding round.

Forbes reported in June 2024 that Zhao controlled about 64% of the entire BNB supply.

Prediction market platform Kalshi has hired digital assets influencer John Wang as its head of crypto in a move the CEO called “betting on slope.”

In a Monday notice, Kalshi CEO Tarek Mansour said the company had hired the 23-year-old New York-based influencer, who dropped out of the University of Pennsylvania “to pursue crypto” in 2024. According to his LinkedIn, Wang worked as a fellow at Paradigm and an intern at Immutable before co-founding blockchain security company Armor Labs in 2022. 

“Slope is about high quality thinking, dreaming big, and working mercilessly hard,” said Mansour. “The more time I spent with John, the deeper my conviction grew. I can’t wait for us to tackle the roadmap we are putting together.”

Wang’s position comes while Kalshi is under scrutiny as US lawmakers consider Brian Quintenz’s nomination to chair the Commodity Futures Trading Commission (CFTC), an agency with regulatory authority over the company.

The CFTC filed an enforcement action against Kalshi in September 2024 while under the Biden administration, but filed a motion in May to drop the case while under President Donald Trump.

Political motivation for platform offering election betting?

Wang, as the new head of crypto, suggested that prediction markets could make people more engaged “politically, financially, culturally,” citing his experience monitoring bets over the 2024 US presidential election:

Though launched in 2021, activity on Kalshi surged ahead of the 2024 US elections, for which the platform offered many options for users to bet. Though the CFTC filed for a temporary injunction to block Kalshi from listing political event contracts, a court ruled in October — one month before the federal elections — that the platform could offer such bets.

Kalshi closed a $185 million funding round in June, making the company’s valuation about $2 billion. The funding round and Wang’s hiring followed the platform announcing it would accept Bitcoin (BTC) deposits in April as part of efforts to onboard more crypto-native users.

Magazine: Can privacy survive in US crypto policy after Roman Storm’s conviction?

Blockchain analysis firm Bubblemaps alleged on Monday that the self-proclaimed LIBRA token "facilitator" Hayden Davis earned $12 million sniping Kanye West’s recently-launched YZY memecoin.

Davis was at the center of the LIBRA token controversy that involved Argentine President Javier Milei. He is also believed to have played a role in creating the the Melania Trump memecoin that crashed in value.

"We noticed several addresses were funded from CEXs the day before launch [of YZY]," Bubblemaps posted to X. "Following the trail, we found a cluster prepared to snipe YZY. These addresses linked back to Hayden Davis (Kelsier) through funding transactions, [Cross-Chain Transfer Protocol] CCTP transfers, and shared deposits."

Sniping is a term in crypto that typically refers to an automated bot or smart contract executing programmed transactions to buy a large portion of a newly launched token’s supply — typically to be sold later for a significant profit.

Bubblemaps continued explaining how it pinpointed Davis' alleged involvement in sniping the West memecoin: "We can’t confirm if Hayden (Kelsier) had insider info or a direct link to the YZY team, but these 14 snipers, made $12 million in profits, bought as early as 1:54 AM UTC, one minute after the announcement [of the new token]."

It appears there could be a lot of questions surrounding who was involved with the launch of the West memecoin and who might have been privy to insider information. Last week, Bubblemaps said it had identified the first buyer of the YZY memecoin as a being both a trader and "expert sniper," who turned $1 million into $100 million trading President Donald Trump’s memecoin. 

Davis is CEO of Kelsier Ventures. In February, Davis admitted he sniped LIBRA tokens at launch. The Solana-based memecoin LIBRA gained widespread attention for its association with Argentina's president — a connection that fueled its meteoric rise which was eventually followed by a collapse in value.

The Block was unable to immediately reach Davis for comment.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

After weeks of price swings, Bitcoin buyers are showing fresh strength. In the past few hours, key on-chain signals have turned positive as Bitcoin found support around $110K. This has pushed buying activity higher, increasing the chance of new weekly highs. On top of that, rising interest from institutional investors is adding even more stability to Bitcoin’s support levels.

Bitcoin’s Open Interest Turns Positive

Bitcoin’s buying demand is rising as recent dip-buying has built strong support levels. This has turned several on-chain indicators positive. Data from Coinglass shows that in the past 24 hours, Bitcoin saw over $280 million in liquidations, with buyers accounting for around $264 million of those positions being closed.

According to on-chain data from CryptoQuant, there are still signs that Bitcoin bulls can stay hopeful about a rebound. The platform noted that large-scale selling, or distribution, hasn’t fully taken over the market yet.

After hitting an all-time high of $124K, Bitcoin is now in a pullback phase that could last a bit longer. Interestingly, while big whales are holding back, smaller holders with up to 10 BTC are still steadily accumulating.

Some traders see little reason to expect Bitcoin’s bull market to fully return. Those with a cautious outlook on future price movements have only grown more certain after BTC/USD dropped to its lowest level since early July.

Also read: Why Bitcoin, ETH, and XRP Price Are Down Today

Bitcoin’s open interest has climbed in recent days. According to Coinglass, it rose by 0.97% to $85.5 billion. This increase signals higher trading activity and growing volatility, which could open the door for Bitcoin to break above nearby resistance levels.

Last week, Fed Chair Jerome Powell unexpectedly shifted from his earlier hawkish tone, boosting hopes for a potential rate cut. Risk assets like Bitcoin jumped right away, but since then, the excitement has faded as investors wait for more inflation data ahead of the mid-September rate decision.

What’s Next for Bitcoin Price?

Bitcoin dropped below the EMA trend lines recently as buyers failed to meet demand around resistance channels. However, Bitcoin has built a strong support around the $110K level. As of writing, BTC price trades at $112,434, declining over 1.65% in the last 24 hours.

While the crypto market was shaky this past week, the coming week could improve, provided the macro financial market conditions shift to bullish. This could push some crucial altcoins on the path to a new ATH.

BeInCrypto has analysed three altcoins that could potentially reach a new all-time high in the coming days.

BNB

BNB is currently trading at $854, just below the $855 support level. The altcoin has declined from its all-time high (ATH) of $900, currently standing 5.4% below that peak. Despite the pullback, there is potential for a recovery if certain support levels hold firm.

For BNB to regain its momentum and possibly reach its ATH, the key support level at $855 must hold. If BNB holders choose not to sell, the price could secure this floor and start pushing higher. This would provide a solid base for the altcoin to target the $900 range once again.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

However, if investors decide to sell and take profits, BNB risks slipping through its current support at $823. A drop below this level would likely invalidate the bullish thesis, leading to further downside potential and a shift toward more bearish market sentiment for BNB.

XRP

XRP is currently priced at $2.94, just below the critical support of $2.95. The past week has been volatile, with XRP failing to breach the $3.07 resistance, leading to a price decline. This setback has left the altcoin struggling to gain upward momentum amidst broader market turbulence.

The recent drop has pushed XRP below the 50-day EMA, indicating potential short-term weakness. This bearish trend suggests that XRP could face further declines, possibly falling to the $2.74 support level. Traders are cautious, watching for signs of stabilization before considering potential recovery opportunities for the token.

However, if XRP can successfully secure the $2.95 support level, a bullish reversal could be in play. A sustained hold above this zone may enable XRP to break through $3.07, aiming for a rise above $3.12. This is necessary for XRP to eventually post a 24.49% rise towards the ATH of $3.66.

BUILDon (B)

BUILDON is currently trading at $0.560, approximately 20.4% below its all-time high (ATH) of $0.675. The altcoin is facing resistance at $0.574, but it has managed to stay afloat despite recent declines. Investors are closely watching for signs of a potential breakout or further consolidation.

Despite the recent drop, BUILDON has managed to hold above the $0.514 support and the 50-day EMA, indicating that the short-term outlook isn’t overly negative. With favorable market conditions, if BUILDON flips the $0.574 resistance into support, it could surge towards $0.646, potentially reaching the $0.675 ATH again.

However, if selling pressure increases, BUILDON could struggle to maintain suApport at $0.514. A failure to hold this level may lead to further declines, possibly reaching $0.478. Such a move would invalidate the current bullish outlook, signaling a bearish shift in market sentiment.

The U.S. Securities and Exchange Commission is seeking public input on whether to approve a staked Injective (INJ) exchange-traded fund, setting the stage for its next steps on the proposal. 

The securities watchdog asked for comments on the proposed Canary Staked INJ ETF to be filed within the next 21 days, according to a filing on Monday. The agency has up to 90 days to decide on the next steps. 

Canary filed its proposal for the staked INJ fund last month, which if approved by the SEC, would track the native asset of the Injective blockchain. If it's allowed to list and trade, the ETF would trade on the Cboe BZX Exchange.

In an Aug. 11 filing, the exchange said that INJ's growth to a market cap of more than $1.4 billion reduces the "susceptibility to manipulation."

"The geographically diverse and continuous nature of INJ trading makes it difficult and prohibitively costly to manipulate the price of INJ and, in many instances, the INJ market can be less susceptible to manipulation than the equity, fixed income, and commodity futures markets," the exchange said. 

Amid a friendlier regulatory environment during President Donald Trump's second administration, several firms have proposed a slew of crypto ETFs tracking assets from Dogecoin to Solana. More recently firms have been vying for crypto ETFs that involve staking.

Last week, VanEck filed a registration statement proposing a JitoSOL ETF aimed at tracking the price of the liquid staking token. The Jito Foundation said the fund would be "the first spot Solana ETF 100% backed by a liquid staking token (LST): the Jito Network’s JitoSOL," in an earlier statement. 

REX-Osprey's Solana staking ETF has also integrated staking rewards through a partnership with JitoSOL, according to an announcement made in July. 

In recent months, the SEC has set out to clarify its stance on staking. In May, the agency said that most proof-of-stake features do not fall under its remit, and later clarified that certain liquid staking activities do not involve securities.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.