China Renaissance Aims to Raise $600M for BNB Crypto Treasury
China Renaissance, a Hong Kong-listed investment bank, plans to raise $600 million for a public crypto treasury focused on BNB, the native token used for discounts on Binance fees. This would be one of the largest investments in BNB by a publicly listed entity.
- The investment vehicle will be formed in the U.S. as a publicly traded company specifically to buy and hold BNB.
- CEA Industries currently holds the largest BNB treasury among publicly traded companies with 480,000 tokens.
- YZi Labs, associated with Binance co-founder Changpeng Zhao, intends to invest alongside China Renaissance.
BNB has more than doubled in price this year and quickly recovered from a recent $500 billion crypto market crash. It has outperformed the market recently, up 5.4% in the last seven days, while bitcoin and ether have declined. The CoinDesk 20 index dropped 8.45% over the same period.