Governance tensions are rising at CEA Industries, better known by its Nasdaq ticker: BNC. And the dispute has implications for the entire crypto treasury sector.
YZi Labs, formerly Binance Labs, publicly accused asset manager 10X Capital of failing to comply with US securities disclosure requirements.
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The allegation is serious: 10X allegedly failed to disclose a more than 5% ownership stake in BNC as required by SEC rules.
The disclosure dispute
BNC describes itself as managing the world’s largest corporate treasury of BNB.
It’s a crypto treasury company, similar in structure to the Bitcoin treasury companies that have gained attention in recent years.
But unlike those companies, BNC is facing a public governance dispute. The conflict centers on disclosure.
When an investor acquires more than 5% of a public company’s shares, SEC rules require prompt disclosure.
This gives the market transparency about who owns the company and in what quantities.
— YZi Labs (@yzilabs) February 18, 2026
Governance challenges for crypto treasuries
YZi Labs claims 10X Capital crossed that threshold and failed to report. 10X has not publicly responded to the allegations.
The BNC board is now seeking to amend an asset deal with 10X amid the rising tensions.
The dispute highlights the governance challenges facing crypto treasury companies.
These companies hold significant crypto assets on their balance sheets. They’re publicly traded.
And they’re subject to the same disclosure requirements as any other public company.
Implications for investors
For investors in crypto treasury stocks, this is a wake-up call. Governance matters. Disclosure matters.
And when companies fail to meet these standards, shareholders pay the price.
The broader question is whether crypto treasury companies are prepared for the scrutiny that comes with being public.
The BNC dispute suggests that at least some are struggling with the transition.
A reckoning for the sector
The crypto treasury model is being tested. Companies like BNC promised to create shareholder value by holding crypto assets.
But governance issues, disclosure failures, and crypto price declines are challenging that promise.
The BNC dispute is a reminder that crypto companies don’t operate outside traditional financial rules. SEC disclosure requirements apply.
Governance standards apply. And when companies fail to meet these standards, there are consequences.
The question now is whether BNC can resolve this dispute and restore confidence. Or whether this is the beginning of a broader reckoning for the crypto treasury sector.
Crypto market researcher and external contributor at Kriptoworld
Wheel. Steam engine. Bitcoin.
📅 Published: February 22, 2026 • 🕓 Last updated: February 22, 2026
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