BNB Plus terminates crypto manager after Nasdaq suspension
In brief
- BNB Plus terminated digital-asset manager Cypress LLC and CIO Patrick Horsman on July 23
- Nasdaq suspended BNBX trading July 14 for failing minimum-bid requirement
- Settlement rescinded or modified nearly 2 million warrants
- Company holds 2,186 BNB with no disclosed investment decision-maker or successor
Settlement terms and leadership void
BNB Plus agreed to pay $1 million in cash and issue 200,000 preferred shares to end relationships with Cypress LLC and related entities. The settlement also ended a digital-asset management agreement with Cypress LLC, a strategic-adviser agreement with Cypress Management LLC, and an October 2025 consulting agreement with Patrick Horsman. BNB Plus agreed to pay $500,000 when the agreements ended and another $500,000 in 12 equal monthly installments.
The timing matters. Nasdaq suspended BNBX trading on July 14 after a Hearings Panel decided to delist the shares for failing the $1 minimum-bid requirement. Nine days later, the company severed its crypto management ties. Patrick Horsman ceased serving as chief investment officer on July 23, and chairman and director Joshua Kruger will resign effective Friday, July 31.
Warrants and treasury control
The settlement involved substantial warrant modifications. The deal calls for 695,322 Series E-1 advisory warrants to be rescinded and another 1,291,312 warrants to be modified, covering nearly 2 million warrants in total.
What's unclear is who now oversees the company's digital assets. Cypress, which had held discretionary authority over company-designated crypto accounts and wallets, is gone. BNB Plus reported 2,186 BNB held through subsidiaries in its March 31 quarterly report. Yet its filing named neither a successor CIO nor a replacement asset manager.
"Who now makes the company's day-to-day BNB investment decisions remains undisclosed." — BNB Plus filing
The company's treasury governance is now opaque. Without a named successor or disclosed process, stakeholders don't know who holds signing authority over crypto accounts or makes allocation decisions. This gap comes as the company faces delisting and leadership turnover, raising questions about asset security and continuity.
Frequently asked questions
Why did BNB Plus terminate Cypress LLC?
Following Nasdaq's suspension of BNBX trading on July 14 for failing the $1 minimum-bid requirement, BNB Plus settled with Cypress LLC on July 23, ending its digital-asset management and advisory agreements. The company paid $1 million in cash and issued 200,000 preferred shares to end the relationships.
What happened to the company's BNB holdings after the manager was fired?
BNB Plus reported holding 2,186 BNB through subsidiaries as of March 31. However, the company's filings named neither a successor chief investment officer nor a replacement asset manager, leaving it unclear who now has authority over the crypto accounts and wallets.
Who is now in charge of BNB Plus's treasury decisions?
That remains undisclosed. The company's filings do not name who makes day-to-day BNB investment decisions following the departure of CIO Patrick Horsman and the termination of Cypress's discretionary authority over the company's crypto accounts.
