Gate News reports that CEA Industries Inc. (BNC) Director Hans Thomas officially resigned on March 20, 2026. This occurred during YZi Labs, a crypto investment firm closely linked to CZ, accelerating its efforts to reorganize BNC’s leadership. Thomas previously served as CEO of 10X Capital Asset Management, which held a 20-year asset management agreement (AMA) with BNC. YZi Labs has repeatedly criticized this agreement, claiming it limits shareholder value.
BNC filings emphasize that Thomas’s resignation “was not due to disagreements within management or the board.” YZi Labs partner Alex Odagiu stated on X that, although the AMA remains valid after Thomas’s departure from the board, YZi Labs aims to gain full control of BNC’s board. To this end, the company has submitted a preliminary consent statement to the U.S. Securities and Exchange Commission and is requesting shareholders to sign a white consent card, proposing to expand the board by seven YZi-supported directors. This would effectively give YZi Labs control over the company and its BNB assets. Currently, BNC holds the world’s largest corporate BNB tokens.
Recent management fees paid by BNC to 10X Capital indicate the company’s operations are still bound by long-term agreements, with only $2 million paid in management fees in the most recent quarter, totaling $3.8 million since June 2025. Additionally, YZi Labs pointed out significant internal control issues and provided nearly $2 million in severance pay to departing CEO David Namdar.
Whether shareholders approve the board expansion and new nominations will depend on whether the board sets a record date. Once established, shareholders will officially decide the future control of BNC. As Zhao Changpeng’s influence gradually spreads, this event has garnered widespread attention regarding the global crypto asset management landscape and BNB corporate holdings, potentially impacting investor strategies related to BNB and other crypto projects.
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