Hedge Fund Execs To Raise $100 Million For Binance Coin (BNB) Treasury

Hedge Fund executives are reportedly looking to adopt Michael Saylor’s strategy to create a Binance Coin (BNB) treasury. These executives plan to raise up to $100 million to accumulate the token and form the BNB treasury through their Nasdaq-listed company.

Hedge Fund Execs Reveal Plans To Create BNB Treasury

According to a Bloomberg report, a team of crypto hedge fund executives is in advanced talks to raise $100 million to invest in the Binance Coin (BNB). They plan to create this Binance coin treasury through a publicly listed company that they control.

The Bloomberg report stated that former Coral Capital Holdings Patrick Horsman, Joshua Kruger, and Jonathan Pascah are behind the pitch, according to an investor document that the platform reviewed. These crypto executives aim to complete the fundraising this month.

Once the fundraising is complete, they plan to rename the unidentified Nasdaq-listed company ‘Build & Build Corporation’ and establish the BNB treasury. Binance’s former CEO Changpeng “CZ” Zhao also commented on this development.

In an X post, CZ stated that a BNB treasury is also coming to a few other markets around the world. He revealed that he has heard about a few different companies doing this. However, the crypto founder added that they are not involved in any of these companies, although they are extremely supportive of the move. He said that BNB is a public blockchain native token, which has no ties to Binance Holdings or the top crypto exchange.

In a subsequent X post, CZ again showed support for this move from the Hedge Fund execs to create a Binance Coin treasury. He simply stated that a “BNB MicroStrategy is coming to a company near you,” in reference to the adoption of this strategy in the US.

The official X platform of the BNB Chain also reacted to the report, highlighting the fact that these Hedge Fund executives are looking to accumulate the BNB token. The BNB price has reacted positively to this news, as the altcoin is up in the last 24 hours, according to CoinMarketCap data.