A group of hedge funds is preparing to raise $100 million to purchase BNB tokens associated with the cryptocurrency exchange Binance. Negotiations are at an advanced stage.
Hedge Funds and BNB Purchase
The initiative is led by former Coral Capital Holdings executives Patrick Horsman, Joshua Kruger, and Johnathan Pasch. The deal aims to acquire BNB associated with the Binance platform.
Nasdaq Company Transformation
According to investor documents, the discussed acquisition will be carried out through an unnamed Nasdaq-listed company. The fundraising process is expected to complete this month, after which the company will be renamed to 'Build & Build Corporation' and begin accumulating BNB.
Comparison with Michael Saylor's Investment Strategy
The plan to create a BNB treasury bears similarities to the Bitcoin treasury model that Michael Saylor launched through MicroStrategy. This strategy, initiated in 2020 as a hedge against inflation, has led to Bitcoin reserves totaling around $60 billion to date. Following Saylor's lead, companies such as SoftBank Group and Tether Holdings SA have also taken similar steps.
Thus, the initiative to create an BNB-focused company represents a new step in corporate approaches to cryptocurrencies and may offer investors indirect access to the Binance ecosystem via the public market.
