Interview with BNC CEO David: Revealing the Past and Present of BNB Version Microstrategy

On August 26, in the CHi Labs program “Facing the Trader”, we had an insightful conversation with BNC CEO David J@namdar alongside Joanna and Chloe, revealing the past and present of the BNB version of micro-strategy!

The topics cover everything from David's crypto journey, the birth secrets of BNC, predictions for the future of BNB, and even Galaxy Digital's “network of relationships”!

Guest Introduction: David J@namdar(BNC CEO, Galaxy Digital Co-Founder) Joanna

@justsayuluvjo(SOON Co-Founder/CEO) Crypto Fearless

@cryptobraveHQ( Crypto blogger, host, CHi Labs streamer ) Chloe:

@ChloeTalk1( hosted, HTX Research ) CHi Labs:

@CHILABS_Focusing on live streaming on Binance Square and building influencer IP.

Binance Square Live Replay:

Video playback of the edited version:

Joanna: Let me introduce myself. I started my career as a forex trader and derivatives creative designer in the traditional finance sector, initially working at Citibank. In 2017, the programmability of Ethereum smart contracts prompted me to delve deeper into cryptocurrency technology. Although I couldn't fully understand the terminology in the white paper at the time, I still self-taught programming and created a crypto developer community in New York. In 2020, I joined Coinbase, where I was responsible for the listing strategy of the institutional team and the launch of the NFT market. After that, I focused on ecosystem expansion, especially on EVM-compatible protocol layers.

Joanna: The BNB micro-strategy company BNC that you lead currently holds 325,000 BNB publicly. May I ask how many BNB you personally hold?

I cannot provide specific numbers at the moment. However, what I can share is that CZ has publicly stated that over 90% of his crypto assets are in BNB, with the only other allocation being Bitcoin. I personally agree with this approach. Within the next year, I hope to publicly disclose my actual holdings to the market and the community. Currently, my asset types are still relatively diversified, but I plan to gradually consolidate, retaining only Bitcoin, BNB, and a very small number of other assets.

If I could go back in time, I would hope to have the same confidence I have now at the moment when BNB just conducted its ICO, and to hold onto it all along. But the reality is, I actually started buying BNB between 2020 and 2021, and at that time, I frequently traded many different tokens. Like many crypto practitioners, I often ended up holding fewer tokens than I initially had.

I currently have less BNB in my hands than I did in the past, but I still hold a portion. Whether on a corporate or personal level, I will continue to increase my holdings. I can say with certainty that my confidence in BNB is stronger than ever, and I believe that over the periods of 1 year, 3 years, or even 5 years, BNB will outperform Bitcoin.

Crypto Fearless: What is the background of the establishment of BNC? Why adopt a micro-strategy model?

The choice to establish BNC actually stems from my long-term interest in Michael Saylor's MicroStrategy. Over the past five years, I have not only traded MicroStrategy stocks but also personally invested in them and tried related derivative strategies. This year, I participated in Nakamoto promoted by David Bailey and shared it with my friends around me. As a result, 12 out of 13 people invested alongside me, and everyone's feedback has been very positive.

From these cases, I am increasingly convinced that Digital Asset Treasury (DAT) is essentially a highly cost-effective investment method. Unlike ETFs, which only passively track prices, the uniqueness of DAT lies in the fact that you are betting not only on the asset price itself but also on whether the management team behind it can continue to accumulate more underlying assets. For example, investing in a DAT like MicroStrategy, MetaPlanet, or BNC, after holding for one year or five years, your unit holdings may correspond to two, three, or even four times the underlying quantity.

Many cryptocurrency investors often lament that the assets they hold at the end are always less than what they initially had. The reason I like DAT is that its goal is to continuously increase holdings, rather than frequently entering and exiting based on short-term fluctuations. Specifically, when choosing targets, I prefer to focus long-term on those projects that truly have growth potential, with strong commitment from both the team and the community, active ecological activities, and individuals willing to build long-term. Such assets are worth being included in the treasury and are worthy of long-term holding.

Crypto Fearless: You established 10X Capital this year, specifically to promote BNB micro-strategies, right? Among numerous crypto assets, why did you choose to focus on BNB?

In fact, 10X Capital was not founded by me in 2025; it was established about 20 years ago by Hans Thomas, the current CEO and my partner. They have long focused on venture capital and investment banking, and have participated in several projects related to digital asset treasury, such as Nakamoto and DeFi Development Corp (DFDV). I have known Hans for many years, and after the Nakamoto transaction was completed, he and Nakamoto's CEO—David Bailey—both believed that my understanding and expression of digital asset treasury were stronger than many executives and even investment bankers. Therefore, they hoped I could join and expressed their willingness to support me in promoting the implementation of Bitcoin treasury in any market globally. At that time, I was also considering different possibilities, such as Israel, South Korea, and even hoping to see a large DAT in mainland China one day.

Later, Hans invited me to participate in the BNC project, which had not yet been renamed at that time. I jokingly said at first that I wouldn't take the role of CEO unless CZ and my friend, Binance's board chairman Gabriel, both agreed. Because at that time, I actually enjoyed the relatively low-key life as an investor behind the scenes. But unexpectedly, CZ and Gabriel really wanted me to take the role of CEO and turn BNC into the MicroStrategy version of BNB. So I decided to step up and take on this role, and I am very grateful for their and Hans's support.

Now, as I interact with more builders in the community, my confidence in BNB is continuously strengthening. I feel that my role is to help more people truly see the potential and value of the BNB ecosystem. Looking back at my career, I have had many intersections with BNB and Binance. After Galaxy, I was invited to be the CEO of Binance US, but at that time, the regulatory environment in the U.S. was not ideal, and I did not want to be limited to the role of an exchange. More than a year ago, CZ and Gabriel also reached out to me, hoping I would join the BNB Foundation, but I felt that the role of running the foundation was more suited for someone else. I believe I am more suitable to leverage the investment banking, investment, and ecosystem experience I have accumulated over the years to promote BNC, a treasury company focused on BNB, and turn it into a successful long-term strategy.

Chloe: What is the partnership between BNC and YZi Labs like? What role do ecosystem partners play?

I have actually known CZ for eight or nine years, and we have a good personal relationship. We often communicate together in social settings, but we have never worked together before. I feel very honored to join BNC and become partners with CZ and YZi Labs. After all, besides Satoshi Nakamoto, CZ might be the most important figure in the entire cryptocurrency industry.

The YZi Labs team performed exceptionally well during the collaboration, consistently adhering to long-termism and focusing on construction. They not only helped us formulate the initial plan for BNC but also established a long-term vision together: to build BNC into a truly substantial digital asset treasury that holds a considerable amount of BNB and promotes the development of the entire BNB ecosystem.

In the partnership, they brought credibility endorsement and resource channels, enabling us to better understand everything happening in the ecosystem. Our role is to demonstrate the unique value of BNB as an asset to the market through long-term holding and firm belief. The cooperation between both parties has formed a virtuous cycle - we focus on ecosystem building, attracting more people and more capital, which in turn nourishes the entire BNB ecosystem.

Fearless Crypto: In Chinese culture, the number “8” has always been regarded as a very auspicious and lucky number. I noticed that the amount you purchased in BNB a while ago was exactly 88,888 coins, and this number often appears in many financial records of BNB and Binance. So I would like to ask, was this number a deliberate arrangement discussed between you and CZ, or is it just a coincidence?

In fact, BNC has been steadily increasing its holdings of BNB, but at the same time, we also place great importance on the significance of cultural symbols. I lived in Hong Kong for three years, and afterwards I would go to Hong Kong, Singapore, and Japan every year, as well as frequently travel to other parts of Asia. Although I haven't been to mainland China for over ten years, I really hope to visit as soon as possible.

For me, the number 8 seems to have integrated into the story of BNB. For example, recently the price of BNB broke through 800 dollars and even reached a new high of 888 dollars. In the future, everyone will see more coincidences related to “8” in us—we will continue to regularly increase our holdings and we also like this number that symbolizes good luck.

Additionally, I really like CZ's redefinition of the number “4”. In Eastern culture, “4” is often considered unlucky, but in the crypto world, CZ has given it a new positive meaning. Many times, we even joke around and make the “4” gesture together. So in the future, you will not only see more “8s”, but also quite a few “4s”, and they will all become part of the BNB story.

Joanna: The BNC plans to hold 1% of the total supply of BNB, with a current market value of approximately 120 billion USD. How much funding is needed to achieve this goal?

We have completed a $500 million equity financing, while also binding a warrant that may allow for an additional $750 million in funding in the future. In other words, the total scale may exceed $1.25 billion. Based on this, we have set an initial goal of holding approximately 1% of the total supply of BNB.

However, our focus is not merely on achieving a single milestone, but rather on clearly conveying our long-term vision to the market and building the appropriate framework to achieve sustained and steady accumulation. The price of BNB in a month or six months is beyond our control, so we are not pursuing specific numbers. More importantly, through long-term execution, we aim to solidly accumulate BNB. Referring to the cases of other digital asset treasuries, I am very optimistic about the future. As our strategy gradually comes to fruition, I believe we will have the opportunity to further expand our goals and plans at the right time.

Crypto Fearless: Tom Lee predicts that Ethereum will reach 10,000 USD, what do you think about the price potential of BNB?

I have actually known Tom Lee for a long time. I entered the crypto space around 2012 or 2013, and at that time, he hadn't started paying attention to the industry. When I founded my first company in 2014, I even proactively reached out to traditional financial figures like Tom Lee and Cathie Wood, hoping to bring them into the crypto world, and at that time, I tried to introduce Bitcoin to them. More than a decade has passed, and looking back now, some of Tom Lee's predictions, although quite controversial, have indeed successfully placed him at the center of media and public attention.

In my opinion, managing a digital asset treasury requires not only telling a good asset story but also highlighting the unique value of the underlying asset itself. Personally, I have not invested in BMNR, but I have invested in Sharplink because I know Joseph Lubin very well; we have known each other since he founded ConsenSys and Ethereum, and I also know several other founders of Ethereum. In the long run, I believe the performance of SBET will outperform BMNR.

As for price predictions, I hope Tom Lee is right. My confidence in Bitcoin at this moment is stronger than ever, and I believe it will break through 1 million dollars; I also hope Michael Saylor's prediction comes true, and that BTC could even reach 10 million dollars in the future. I also believe that Ethereum will reach 10,000 to 20,000 dollars within the next one to three years. As for BNB, I definitely think it will grow into an asset with a market value exceeding 1 trillion dollars. Based on the current supply, the corresponding price is about 7,000 to 8,000 dollars, while my personal long-term goal is for BNB to break through 10,000 dollars.

Chloe: In the perception of the Chinese-speaking community, Tom Lee is like a KOL, whose opinions often stir market sentiment and are even more关注ed than the project itself. What do you think about this phenomenon? Do you think DAT Company needs to have a similar opinion leader like Tom Lee to help expand its influence? If you had the opportunity to choose other projects, would you be more inclined to invest in SBET or BMNR?

I am very familiar with the company SBET, and I have also met their new co-CEO Joseph Chalom. In the crypto industry, I always maintain an open and collaborative mindset, which is one of my favorite aspects of the crypto world. Many people, once they enter the crypto industry, naturally start to explore areas they had not previously been involved in—ranging from trading to investing, and even learning to code themselves, gradually participating in NFTs and various cyclical waves. I have seen many such transformations and I enjoy helping people delve deeper into this industry.

So in my opinion, anyone who contributes to the industry, regardless of the method, deserves respect. Some expand their influence by appearing on television and doing programs, like Tom Lee; others focus on building infrastructure, such as Joseph Lubin's role in the Ethereum ecosystem. Both types of people are driving the industry forward.

Returning to BNB, my core focus is on all the people and projects building the BNB Chain ecosystem. My role is to support them and promote the development of the community. This is also why I am very happy to partner with YZi Labs, the BNB Chain Foundation, and the Binance team. For me, the story of BNB has almost run through my entire career, and now I am willing to completely focus on BNB. Through BNC, I hope to direct more capital towards BNB, while also being willing to support other teams that want to create a BNB treasury, to grow this ecosystem together.

Chloe: Is the US DAT market saturated? How does BNC remain competitive?

In my opinion, competition is actually a reflection of market demand. As an investor, I predicted a few months ago that around $50 to $100 billion would flow into the crypto industry through DAT and the public market. Now, I expect that this number could reach $100 to $200 billion in the next year. So when I see more and more DAT emerging, it actually indicates that investors are interested in this medium and they want to enter the market in this way.

Interestingly, this competition will play out in different markets in rotation. At one stage, the US may be the most active, but suddenly, billions of dollars could emerge in Japan, Hong Kong, or London at any time. I often see teams from different regions exploring how to implement the DAT model under their respective exchange rules.

As for BNC, our differentiated advantages are very clear: the background of our team and partners, the focused narrative on BNB, and the scale and credibility brought by our Nasdaq listing all put us in a leading position. I hope BNC can maintain its first-mover advantage and become the largest BNB treasury in the world. Of course, I also welcome healthy competition. If in the future there are opinion leaders like Tom Lee focusing on telling the story of BNB and spreading it globally, I would be very happy. Because in the end, all of this will drive the entire ecosystem further.

Chloe: The DAT strategy in the US market is heating up rapidly, and BNC is also one of the earliest teams to launch in the US. At the same time, you recently collaborated with Huaxing Capital to launch a new DAT in Hong Kong. So looking to the future, which regions or markets do you personally think will become the most promising areas for DAT growth?

For BNC, the US market will continue to be our flagship and focus, as it has the most mature capital markets. In my personal crypto career, I have taken several companies public in Canada, and Galaxy has also successfully entered the US market, while this time BNC is starting directly from NASDAQ. Meanwhile, my partners at 10X Capital will also support the launch of more Bitcoin treasury and other types of projects globally.

Of course, Asia has always been a market I pay great attention to. This year, I hope to return to Asia next month to attend Blockchain Week in South Korea and Token 2049 in Singapore, and also visit Hong Kong. The markets I personally believe in the most are Hong Kong, South Korea, and Japan.

Singapore has been friendly to crypto in the past, but recent regulations have tightened, posing more challenges. Taiwan is also good, but there are some issues with regulations and implementation.

Apart from Asia, the opportunities in the Middle East are also huge, with the UAE being a very suitable market for DAT, and Bahrain and Saudi Arabia may follow suit soon. As for Europe, I am still observing; Poland could potentially become a 'dark horse' and may even emerge as the largest Bitcoin treasury in Europe. Meanwhile, Germany and the Netherlands also have opportunities.

Overall, the story of Bitcoin has deeply resonated with people and has almost reached a consensus globally. However, I believe that the level of globalization of BNB is not inferior and may even be broader. After all, Binance is the largest exchange in the world, with nearly 300 million users, and the vast majority of them have directly or indirectly interacted with BNB. This user base gives me more confidence in the global prospects of BNB.

Joanna: Galaxy Digital has executed over 80,000 BTC in over-the-counter transactions and emphasized that “relationships are more important than quotes.” How do you understand the power structure in the crypto world?

For me, what I value the most has always been community, network, and the reputation built within the industry. This is also what I love most about the crypto industry. When co-founding Galaxy with Novogratz, I emphasized a principle: regardless of bull or bear markets, we must persist as long-term builders. Only in this way can you truly establish trust and form long-lasting relationships that stand the test of time.

The idea emphasized by Galaxy that “relationships are more important than price” is actually based on this principle. Prices will always fluctuate, and volatility is a part of the crypto market. However, when it comes to large transactions, what truly matters is trust and reputation. You must always fulfill your commitments in order to build a good reputation in the industry over the years. This is especially important because many people enter the DAT field simply to cash in on the hype, without any willingness to build long-term. For me, whether it's investing or leading BNC, what I value in decision-making is the long- to medium-term cooperation value—I want to collaborate with those who truly value their reputation and are willing to build for the long term.

In the early days of Galaxy, after we went public, I primarily focused on building the trading business. We established an OTC trading desk, cultivated a team for external client development, and formed an internal team of quantitative traders. At that time, I was mainly responsible for promoting the development of Galaxy's OTC business and helping the company build a network for large transactions. Although I left Galaxy many years ago, I believe they have done quite well in building relationships within the industry and completing cases like large Bitcoin transactions.

Chloe: There are quite a few investors in Asia who are very interested in DAT. Could you give some advice to Asian investors?

In fact, I have always reminded investors to be cautious and avoid being swayed by excessive market sentiment. My first suggestion is not to blindly rush in when the DAT project is just announced. At such times, the prices of related stocks often soar fivefold, tenfold, or even twentyfold in a short period, while many people overlook the indicators that truly matter, such as the future market value to net asset value ratio (mNAV) and the corresponding valuation multiples at the current buying price. If these are not considered, it is easy to buy at a high position. A better approach is to let the market calm down first and seriously assess whether this company really has the ability to continuously accumulate more underlying assets at the current price. Only in this way can investments have the opportunity to yield good returns in the long run.

Another important point is to choose teams and companies that truly have a long-term commitment to building. We can see some successful cases, such as MicroStrategy, which also experienced significant fluctuations in its early days, but five years later its stock performance far outpaced Bitcoin; Japan's MetaPlanet has a similar story. So I would advise everyone to detach themselves from short-term fluctuations of one to three months, or even six months, and focus on a cycle of one to five years. If the team is strong enough, the DAT model has the opportunity to outperform the underlying assets in the long term, which is what deserves real attention.