Crypto hedge fund execs aim to raise $100M for a BNB treasury via a public firm, backed by Binance’s CZ, mirroring Strategy’s Bitcoin strategy.
A group of crypto hedge fund executives is reportedly adopting Michael Saylor’s Bitcoin treasury model to create a Binance Coin (BNB) treasury. They aim to raise $100 million to acquire BNB tokens through a Nasdaq-listed company they control.
Hedge Fund Leaders Unveil BNB Treasury Initiative
Per a Bloomberg report, former Coral Capital Holdings executives Patrick Horsman, Joshua Kruger, and Johnathan Pasch are spearheading efforts to raise $100 million for a BNB-focused treasury. An investor document reviewed by Bloomberg outlines their plan to finalize fundraising by June 2025 and rebrand their unidentified Nasdaq-listed company as Build & Build Corporation to hold the BNB treasury.
Binance’s former CEO, Changpeng “CZ” Zhao, commented on the development via X, noting that similar BNB treasury initiatives are emerging in various global markets. He clarified that neither Binance nor he is directly involved but expressed strong support, emphasizing that BNB is a native public blockchain token independent of Binance Holdings or its exchange. In another X post, CZ likened the move to a “BNB MicroStrategy,” signaling its potential to gain traction in the U.S.
Strategic Context and Market Implications
The executives’ strategy mirrors Strategy’s (formerly MicroStrategy) approach, which has amassed over 592,345 BTC, valued at $41.87 billion, as a corporate treasury asset. This BNB treasury plan capitalizes on a favorable crypto regulatory environment under the Trump administration and the ongoing crypto market rally, which has boosted valuations for crypto-linked assets. The move could further legitimize BNB as a corporate investment, potentially driving demand, though it may also face scrutiny given Binance’s past regulatory challenges, including a $4.3 billion fine in 2023.
