Executives from the hedge fund industry are reportedly moving to raise $100 million with plans to invest it in Binance's BNB token. The initiative, which mirrors the Bitcoin treasury strategy implemented by Michael Saylor of MicroStrategy, is being led by Patrick Horsman, Joshua Kruger, and Johnathan Pasch. The three previously worked at Coral Capital Holdings, a venture capital firm later acquired by DNA Fund in 2024.
The fundraising effort is expected to take place this month through a newly established entity called Build & Build Corporation, which aims to list on Nasdaq. At present, BNB ranks as the fifth-largest cryptocurrency, boasting a market capitalization of approximately $87.8 billion. As the native token of the Binance ecosystem, BNB serves multiple functions, including utility within the Binance platform and as the native asset of the BNB Beacon Chain.
Notably, asset manager Standard Chartered has predicted that BNB’s price could more than double this year, driven by rising usage within the Binance network. This move follows a trend where various companies have adopted similar treasury strategies, including adding Bitcoin to their balance sheets.
The approach to accumulate BNB echoes the actions of MicroStrategy, which has acquired over 592,000 BTC over the past five years, including a $26 million purchase last week. Other prominent acquisitions in the Bitcoin realm include Japan's Metaplanet, which recently added 1,111 BTC to its holdings, and 21 Capital, which launched funding backed by major firms like Cantor Fitzgerald and SoftBank.
The steps taken by these hedge fund executives highlight a growing interest in using cryptocurrencies as corporate treasury assets, following a well-established trend in the crypto investment space.
The fundraising effort is expected to take place this month through a newly established entity called Build & Build Corporation, which aims to list on Nasdaq. At present, BNB ranks as the fifth-largest cryptocurrency, boasting a market capitalization of approximately $87.8 billion. As the native token of the Binance ecosystem, BNB serves multiple functions, including utility within the Binance platform and as the native asset of the BNB Beacon Chain.
Notably, asset manager Standard Chartered has predicted that BNB’s price could more than double this year, driven by rising usage within the Binance network. This move follows a trend where various companies have adopted similar treasury strategies, including adding Bitcoin to their balance sheets.
The approach to accumulate BNB echoes the actions of MicroStrategy, which has acquired over 592,000 BTC over the past five years, including a $26 million purchase last week. Other prominent acquisitions in the Bitcoin realm include Japan's Metaplanet, which recently added 1,111 BTC to its holdings, and 21 Capital, which launched funding backed by major firms like Cantor Fitzgerald and SoftBank.
The steps taken by these hedge fund executives highlight a growing interest in using cryptocurrencies as corporate treasury assets, following a well-established trend in the crypto investment space.
