A group of crypto hedge fund Executives wants to raise $100 million to buy Binance Coin (BNB). They plan to finish raising the money this month. The team includes Patrick Horsman, Joshua Kruger, and Jonathan Pasch. They will use a Nasdaq-listed company they control, which will be renamed “Build & Build Corporation,” to hold the BNB tokens.
The executives aim to follow a strategy similar to Michael Saylor’s approach with Bitcoin. Saylor’s company has been buying and holding large amounts of Bitcoin as a treasury reserve since 2020. This group wants to do the same but with BNB, which is the fifth biggest crypto, worth about $87 billion in market cap.
Binance’s former CEO, Changpeng Zhao, also known as CZ, commented on the plan. In an X post, stating that BNB treasury is also coming to a few other markets around the world.
He further stated that Binance is not involved in these companies but supports what they are doing.“I heard about a few different companies doing this. So far, none are driven by me/us. But we are extremely supportive. BNB is a public blockchain native coin, not “linked” to Binance Holdings Ltd or Binance CEX.”
The fund executives will raise money through their public company to buy BNB tokens. This way, people can invest in BNB by buying shares of the company. According to Bloomberg, the executives are in talks and want to finish the fundraising soon.
This plan follows a trend where companies buy crypto as part of their treasury. For example, companies like SoftBank and Tether, and even Truth Social, backed by US President Trump, have started doing this. At first, most bought Bitcoin, but now some are buying other tokens like Ethereum, Solana, and BNB.
BNB was created in 2017 by Binance through a public sale. The money raised helped launch the Binance exchange. The token is used to pay fees on Binance and run on the BNB Smart Chain, a blockchain used by games and crypto apps.
However, Binance and CZ faced big legal problems in the US. In late 2023, Binance agreed to pay $4.3 billion for breaking money rules. CZ also paid $50 million and left his CEO role. Even with this, the US government is becoming friendlier to crypto.
