Interview with BNC CEO David: Uncovering the Past and Present of BNB's Micro Strategy
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Interview with BNC CEO David: Uncovering the Past and Present of BNB's Micro Strategy
"If the team is sufficiently committed, the DAT model has the potential to outperform the underlying asset in the long run, which is where real attention should be focused."
Navigating Web3 tides with focused insightsOn August 26, in CHi Labs' "Facing the Trader" series, Fearless joined Joanna and Chloe in a conversation with BNC CEO David J@namdar, unveiling the origin story of the BNB version of MicroStrategy!
The discussion covered David's journey in crypto, the secret origins of BNC, predictions for BNB’s future, and even Galaxy Digital’s “network”!
Guests: David J@namdar (CEO of BNC, Co-Founder of Galaxy Digital), Joanna @justsayuluvjo (Co-Founder/CEO of SOON), Crypto Brave @cryptobraveHQ (Crypto influencer, host, CHi Labs), Chloe @ChloeTalk1 (Host, HTX Research). CHi Labs @CHILABS_ focuses on Binance Square livestreams and influencer IP development.
Binance Square livestream replay:
https://binance.com/zh-CN/square/audio/replay?id=28836068515265
Edited video replay:
https://x.com/soon_svm/status/1962904439599120478
Joanna: Let me start by introducing myself. I began my career in traditional finance as a foreign exchange trader and derivatives product designer at Citibank. In 2017, Ethereum’s programmable smart contracts sparked my deep dive into cryptocurrency technology. Although I didn’t fully understand all the terms in whitepapers back then, I taught myself programming and founded a crypto developer community in New York. In 2020, I joined Coinbase, where I worked on institutional listing strategies and launched the NFT marketplace. Since then, I’ve focused on ecosystem expansion, especially EVM-compatible protocol layers.
Joanna: You lead BNC, the microstrategy firm focused on BNB, which has publicly acquired 325,000 BNB. How many BNB do you personally hold?
I can't disclose an exact number right now. But I can say this: CZ has publicly stated that over 90% of his crypto holdings are in BNB, with only Bitcoin as another allocation. I personally share this philosophy. Within the next year, I plan to publicly disclose my actual holdings to the market and community. Currently, my portfolio is still relatively diversified, but I intend to gradually narrow it down to just Bitcoin, BNB, and a very small number of other assets.
If I could go back in time, I wish I had held BNB with full confidence from its ICO days like I do now. The reality is, I started buying BNB between 2020 and 2021, frequently trading various tokens—just like many others in the industry—often ending up holding fewer tokens than when they started.
I don’t hold as much BNB today as I did back then, but I still retain a portion. Both at the company level and personally, I will continue accumulating. I can clearly say that my conviction in BNB is stronger than ever before. I believe BNB will outperform Bitcoin over one-year, three-year, and even five-year horizons.
Crypto Brave: What was the background behind BNC’s founding? Why adopt a microstrategy model?
The decision to launch BNC stems from my long-term observation of Michael Saylor’s microstrategy. Over the past five years, I’ve not only traded MicroStrategy stock but also invested directly and experimented with related derivatives strategies. When David Bailey launched Nakamoto earlier this year, I participated and shared it with friends—12 out of 13 followed through, and everyone gave highly positive feedback.
From these cases, I’ve become increasingly convinced that digital asset treasuries (DATs) represent an extremely cost-effective investment approach. Unlike ETFs that passively track prices, DATs offer something unique: you’re betting not just on the asset price itself, but on whether the management team can continuously accumulate more underlying assets. For example, investing in a DAT like MicroStrategy, MetaPlanet, or BNC means that after one or five years, your per-share holding might represent two, three, or even four times the original amount of the underlying asset.
Many crypto investors often lament ending up with fewer assets than they started with. What I love about DATs is their goal of steadily increasing holdings instead of constantly entering and exiting based on short-term price swings. When selecting targets, I prefer projects with real growth potential, teams and communities demonstrating strong commitment, active ecosystems, and builders willing to stay long-term. These are the kinds of assets worthy of inclusion in a treasury and worth holding for the long run.
Crypto Brave: You launched 10X Capital this year—was it specifically created to promote the BNB microstrategy? Among countless crypto assets, why focus on BNB?
Actually, 10X Capital wasn’t founded by me in 2025. It was established about 20 years ago by Hans Thomas, the current CEO and my partner. They’ve long specialized in venture capital and investment banking, and have been involved in several digital asset treasury initiatives such as Nakamoto and DeFi Development Corp (DFDV). I’ve known Hans for many years. After completing the Nakamoto transaction, both he and Nakamoto CEO David Bailey felt I had a stronger grasp and articulation of digital asset treasuries than most executives or bankers. They invited me to join and offered support to help me deploy bitcoin treasury models in any market globally. At the time, I was considering different possibilities—including Israel, South Korea—and even hoped one day to see large-scale DATs emerge in mainland China.
Later, Hans invited me to get involved with the BNC project, which hadn’t been renamed yet. Initially, I joked that I wouldn’t take the CEO role unless both CZ and my friend Gabriel, Chairman of Binance’s board, approved. Back then, I actually enjoyed the relatively low-profile life of an investor operating behind the scenes. But surprisingly, both CZ and Gabriel expressed strong support for me becoming CEO to build BNC into the BNB equivalent of MicroStrategy. That’s when I decided to step forward, deeply grateful for their trust and Hans’ backing.
Now, as I interact more with builders in the community, my confidence in BNB continues to grow. I see my role as helping more people truly recognize the potential and value of the BNB ecosystem. Looking back at my career, I’ve always had significant intersections with BNB and Binance. After Galaxy, I was invited to serve as CEO of Binance US, but given the unfavorable U.S. regulatory environment at the time, I didn’t want to limit myself to just an exchange role. About a year ago, CZ and Gabriel approached me again, hoping I’d join the BNB Foundation, but I felt the foundation leadership role suited someone else better. I believe my strengths lie in leveraging decades of experience in investment banking, investing, and ecosystem building to advance a BNB-focused treasury company like BNC as a successful long-term strategy.
Chloe: What is BNC’s relationship with YZi Labs? What role do ecosystem partners play?
I’ve actually known CZ for eight or nine years—we have a good personal rapport and often catch up socially—but we’ve never worked together until now. Joining BNC and partnering with CZ and YZi Labs is a great honor. Aside from Satoshi Nakamoto, CZ may be the most important figure in the entire crypto industry.
The YZi Labs team has performed exceptionally well throughout our collaboration. They are deeply committed to long-termism and dedicated to building. Not only did they help shape BNC’s initial plans, but they also co-defined our long-term vision: to establish BNC as a substantial digital asset treasury holding a significant quantity of BNB and driving the broader BNB ecosystem forward.
In terms of partnership, they bring credibility and access to resources, enabling us to better understand what’s happening across the ecosystem. Our role is to demonstrate BNB’s unique value as an asset through long-term holding and unwavering conviction. This creates a virtuous cycle—our focus on ecosystem development attracts more participants and capital, which in turn strengthens the entire BNB ecosystem.
Crypto Brave: In Chinese culture, the number ‘8’ is traditionally seen as highly auspicious and lucky. I noticed that your recent BNB purchase was exactly 88,888 BNB, and this number frequently appears in BNB and Binance financial records. Was this a deliberate arrangement between you and CZ, or merely a coincidence?
BNC has consistently been accumulating BNB according to a regular pattern, but we also value cultural symbolism. I lived in Hong Kong for three years and visit places like Hong Kong, Singapore, and Japan annually. Though it’s been over a decade since I last visited mainland China, I hope to return soon.
To me, the number 8 seems woven into BNB’s narrative. Recently, BNB’s price broke through $800 and even reached a new high of $888. You’ll continue seeing more coincidences involving ‘8’—we commit to regular accumulation and appreciate numbers symbolizing good fortune.
Also, I really appreciate how CZ has redefined the number ‘4’. In Eastern cultures, ‘4’ is often considered unlucky, but in the crypto world, CZ has given it a new positive meaning. We sometimes even joke around making the ‘4’ hand gesture together. So in the future, you’ll see not only more ‘8’s but also plenty of ‘4’s—they’ll all become part of BNB’s story.
Joanna: BNC aims to hold 1% of BNB’s total supply, currently valued at approximately $120 billion. How much capital is required to achieve this goal?
We’ve already completed $500 million in equity financing, plus a warrant that could unlock an additional $750 million in future funding. This brings our potential total capitalization above $1.25 billion. Based on this, we’ve set an initial target of holding around 1% of BNB’s total supply.
However, our focus isn’t solely on hitting a single milestone. Rather, we aim to clearly communicate our long-term vision to the market and build the right infrastructure for sustained, steady accumulation. We can’t control BNB’s price one month or six months from now, so we’re not chasing specific numbers. What matters more is consistent execution and genuine accumulation of BNB over time. Drawing from other successful digital asset treasury examples, I’m highly optimistic. As our strategy unfolds, I believe we’ll have opportunities to expand our goals and plans at the right moments.
Crypto Brave: Tom Lee predicts Ethereum will reach $10,000. What’s your view on BNB’s price potential?
I’ve actually known Tom Lee for quite some time. I entered the crypto space around 2012–2013, back when he wasn’t paying attention to the industry yet. When I launched my first company in 2014, I proactively reached out to traditional finance figures like Tom Lee and Cathie Wood, trying to introduce them to crypto—I even pitched Bitcoin to them back then. Over a decade later, looking back, while some of Tom Lee’s predictions have been controversial, he’s undeniably succeeded in positioning himself at the center of media and public attention.
In my view, running a digital asset treasury requires both compelling storytelling and highlighting the intrinsic uniqueness of the asset. I haven’t invested in BMNR, but I have invested in Sharplink because I know Joseph Lubin well—we’ve known each other since he founded ConsenSys and Ethereum—and I’m also familiar with several other Ethereum co-founders. Long-term, I believe SBET will outperform BMNR.
Regarding price forecasts, I hope Tom Lee is right. My conviction in Bitcoin is stronger than ever. I believe surpassing $1 million is just a matter of time, and I hope Michael Saylor’s prediction comes true—BTC could eventually reach $10 million. I also believe Ethereum will hit $10,000–$20,000 within the next one to three years. As for BNB, I firmly believe it will evolve into a multi-trillion-dollar market cap asset. Given the current supply, that translates to roughly $7,000–$8,000 per token. Personally, my long-term target is for BNB to exceed $10,000.
Chloe: In Chinese-speaking communities, Tom Lee is seen almost like a KOL—his views often drive market sentiment and sometimes attract more attention than the projects themselves. How do you view this phenomenon? Do you think DAT companies need a figure like Tom Lee to amplify their influence? If you had to choose between SBET and BMNR, which would you rather invest in?
I’m quite familiar with SBET and have met their new Co-CEO Joseph Chalom. In the crypto industry, I always maintain an open and collaborative mindset—that’s one of the things I love most about this space. Once people enter crypto, they naturally begin exploring areas they never touched before—from trading to investing, even learning to code, gradually engaging with NFTs and different market cycles. I’ve witnessed many such transformations and enjoy helping people deepen their involvement in the industry.
To me, anyone contributing positively to the industry deserves respect, regardless of method. Some gain visibility through TV appearances and interviews, like Tom Lee; others build critical infrastructure quietly, like Joseph Lubin’s role in the Ethereum ecosystem. Both types move the industry forward.
With regard to BNB, my focus is on all the individuals and projects actively building the BNB Chain ecosystem. My role is to support them and drive community growth. That’s why I’m thrilled to partner with YZi Labs, the BNB Chain Foundation, and the Binance team. The BNB story has essentially run parallel to my professional journey, and now I’m fully committed to focusing on BNB. Through BNC, I aim to channel more capital toward BNB and also support other teams interested in creating BNB treasuries, collectively growing the ecosystem.
Chloe: Is the U.S. DAT market already saturated? How does BNC maintain its competitiveness?
To me, competition reflects market demand. As an investor, I predicted months ago that between $500 billion and $1 trillion would flow into crypto via DATs and public markets. Now, I expect that figure could reach $1–2 trillion within the next year. So when I see more DATs emerging, it simply confirms investor interest in this vehicle as a way to enter the market.
What’s even more interesting is that this competition will rotate across different markets. At certain points, the U.S. may lead, but suddenly billions could pour in from Japan, Hong Kong, or London. I regularly observe teams across regions exploring how to implement the DAT model under their local exchange regulations.
For BNC, our differentiation is clear: the background of our team and partners, our singular narrative focused on BNB, and the scale and credibility brought by Nasdaq listing place us in a leading position. I hope BNC maintains its first-mover advantage and becomes the world’s largest BNB treasury. Of course, I welcome healthy competition. If a thought leader like Tom Lee emerges who focuses on telling BNB’s story globally, I’d be delighted—because ultimately, it will push the entire ecosystem further forward.
Chloe: The U.S. DAT strategy is heating up rapidly, and BNC is among the earliest teams launching there. Meanwhile, you recently partnered with Huaxing Capital to launch a new DAT in Hong Kong. Looking ahead, which regions or markets do you personally see as having the greatest potential for DAT growth?
For BNC, the U.S. market will remain our flagship and primary focus due to its mature capital markets. Throughout my crypto career, I’ve taken several companies public in Canada, successfully brought Galaxy into the U.S. market, and now BNC is launching directly on Nasdaq. At the same time, my partners at 10X Capital will continue supporting the launch of more bitcoin treasuries and similar projects worldwide.
That said, Asia remains a key market I closely follow. This year, I hope to return to Asia next month for Blockchain Week Korea and Token 2049 in Singapore, with a stop in Hong Kong. The markets I’m most bullish on are Hong Kong, South Korea, and Japan.
Singapore was previously very crypto-friendly, but recent regulatory tightening has introduced greater challenges. Taiwan is also promising, though regulatory and implementation hurdles exist.
Beyond Asia, the Middle East offers huge potential. The UAE is already a favorable market for DATs, and Bahrain and Saudi Arabia may soon follow. As for Europe, I’m watching closely—Poland could emerge as a dark horse, possibly hosting Europe’s largest bitcoin treasury. Germany and the Netherlands also present opportunities.
Overall, the Bitcoin narrative is now widely accepted, with near-global consensus. But I believe BNB’s globalization is equally strong—if not broader. After all, Binance is the world’s largest exchange, with nearly 300 million users, the vast majority of whom have directly or indirectly interacted with BNB. This user base gives me strong confidence in BNB’s global prospects.
Joanna: Galaxy Digital once executed an 8,000 BTC OTC trade, emphasizing that “relationships matter more than quotes.” How do you understand power structures in the crypto world?
What I value most has always been community, network, and reputation built within the industry. This is exactly what I love about crypto. When co-founding Galaxy with Novogratz, I emphasized one principle: regardless of bull or bear markets, remain a long-term builder. Only this way can you truly build trust and form relationships that withstand the test of time.
The idea that “relationships matter more than price,” which Galaxy promoted, captures this perfectly. Prices will always fluctuate—that’s inherent to crypto markets. But in large transactions, what truly matters is trust and credibility. You must consistently deliver on commitments so that over years, you earn a solid reputation in the industry. This is especially crucial because many entering the DAT space are merely seeking quick profits without intent to build long-term. For me, whether investing or leading BNC, I make decisions based on medium- to long-term cooperative value—I want to work with those who genuinely value reputation and are committed to long-term construction.
In Galaxy’s early days, after going public, I focused primarily on building the trading business. We established an OTC desk, developed a client-facing outreach team, and assembled an internal quant trading team. I led the development of Galaxy’s OTC operations, helping build its large-scale transaction network. Though I left Galaxy many years ago, I believe they’ve done an excellent job cultivating industry relationships and executing major trades like large BTC purchases.
Chloe: Many investors in Asia are interested in DATs. Do you have any advice for Asian investors?
I always remind investors to stay cautious and avoid being swayed by short-term market hype. My first piece of advice: don’t rush blindly into a DAT project right after its announcement. At those moments, stock prices often surge fivefold, tenfold, or even twentyfold in a short period, causing many to overlook critical metrics such as future market-to-net-asset-value ratio (mNAV) or valuation multiples at entry. Ignoring these increases the risk of buying at peak prices. A better approach is to wait for the market to cool down and carefully assess whether the company can genuinely accumulate more underlying assets over time at the current price. Only then can long-term investments yield strong returns.
Equally important is choosing teams and companies with genuine long-term commitment. We’ve seen successful cases—for example, MicroStrategy experienced extreme volatility in its early days but ultimately outperformed Bitcoin five years later. Japan’s MetaPlanet tells a similar story. I encourage investors to look beyond one-, three-, or even six-month fluctuations and focus on one- to five-year timeframes. With a determined team, the DAT model has the potential to outperform the underlying asset over the long term—that’s where real opportunity lies.
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