Overview

• In a Sept. 23 post on X, Changpeng Zhao said “YZiLabs is not raising external fund” and rejected claims of investor outreach, pitch decks or demos.
• Financial Times reported earlier that YZi Labs head Ella Zhang said the firm would “eventually consider” converting into an external-facing fund.
• YZi Labs remains a private vehicle managing roughly $10 billion tied to Zhao and Yi He, investing across crypto, AI, robotics and biotech.
• The firm recently doubled its position in Ethena’s USDe synthetic stablecoin and counts more than 230 Web3 investments including Aptos, Polygon and LayerZero.
• CoinCentral reported the SEC recently sought a private demo of YZi portfolio companies; Zhao disputed that any demo or regulatory talks occurred.