BNB treasury company dumps its crypto manager after Nasdaq suspends its stock, leaving no one in charge of its treasury

BNB Plus, formerly known as Applied DNA Sciences, now pairs a BNB treasury strategy with its LineaRx biotechnology business. The company agreed to pay $1 million in cash and issue 200,000 preferred shares to end its relationships with Cypress, which had held discretionary authority over company-designated crypto accounts and wallets. The July 23 deal followed Nasdaq's suspension of BNBX trading, and subsequent filings name no replacement for departed chief investment officer Patrick Horsman.

The settlement ended a digital-asset management agreement with Cypress LLC, a strategic-adviser agreement with Cypress Management LLC and an October 2025 consulting agreement with Horsman, according to a July 29 filing.

BNB Plus agreed to pay $500,000 when the agreements ended and another $500,000 in 12 equal monthly installments. It will also issue the Cypress parties 200,000 Series B-1 preferred shares across 12 installments. A qualifying payment default can trigger a $1.25 million fee, reduced by the monthly cash installments already paid.

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