Hedge fund executives are preparing to raise $100 million to build a Binance Coin (BNB) treasury using a Nasdaq-listed company, according to a Bloomberg report. The plan mirrors Michael Saylor’s approach with Bitcoin and could mark a major institutional move toward BNB.
The team behind the proposal includes former Coral Capital Holdings members Patrick Horsman, Joshua Kruger, and Jonathan Pascah. They are in advanced talks with investors and intend to complete the fundraising by the end of June 2025, Bloomberg reported.
The fundraising will be conducted through a publicly traded company under their control. Once finalized, the firm will be renamed “Build & Build Corporation” and will begin acquiring BNB tokens for treasury purposes.
An investor document reviewed by Bloomberg confirms that the executives are targeting up to $100 million for the initiative. The report notes that the company’s identity has not yet been made public.
Changpeng “CZ” Zhao, the former CEO of Binance, reacted to the development on X (formerly Twitter). He stated, “A BNB treasury is also coming to a few other markets around the world.” He added, “I have heard about a few different companies doing this. We are not involved, but very supportive.”
CZ also clarified that BNB is the native token of a public blockchain and has no direct ties to Binance Holdings or its exchange operations. He reaffirmed that the initiative is external to Binance, though the company supports such efforts.
In a follow-up post, CZ wrote, “A BNB MicroStrategy is coming to a company near you,” referencing the well-known Bitcoin accumulation strategy used by MicroStrategy in the United States.
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