According to Bloomberg, hedge fund executives are negotiating the creation of a BNB Treasury in a public company, raising $100 million for investing in the BNB token.
Fundraising for BNB Treasury
On June 26, Bloomberg reported that a team of crypto hedge fund executives is in advanced talks to raise $100 million for investing in the BNB token. The project involves former executives from Coral Capital Holdings: Patrick Horsman, Joshua Kruger, and Jonathan Pasch. The team aims to complete the fundraising by the end of June and rename the NASDAQ-listed company to 'Build & Build Corporation,' following which they will start accumulating BNB tokens.
First BNB Asset by a Public Company
If the project is realized, it will mark the first case of a NASDAQ-listed public company holding BNB as its core treasury asset. The BNB token was created by Binance in 2017 through an ICO. According to Bloomberg, as per a 2017 whitepaper, 80 million BNB, worth nearly $50 billion on June 23, were allocated to the founding team, including Binance's former CEO, Changpeng Zhao (CZ).
BNB Price Surge
Following the announcement made on June 23, the price of BNB significantly surged. At the time of writing this article, the token is trading above $626, with a market cap of over $88.2 billion. Over the past 24 hours, the price of BNB has risen by approximately 1.5%.
The planned formation of the BNB Treasury in a public company highlights the growing interest in the BNB token and its potential impact on the cryptocurrency market.
