Hedge Fund Executives Aim to Raise $100 Million for BNB Acquisition
A group of hedge fund executives plans to raise $100 million to purchase Binance's BNB token via a Nasdaq-listed shell company.
- Former Coral Capital Holdings partners Patrick Horsman, Joshua Kruger, and Johnathan Pasch aim to change an unnamed public firm into Build & Build Corporation.
- The company will accumulate BNB as its primary treasury asset.
- This would be the first instance of a public company adopting BNB as a reserve currency, offering stock investors indirect exposure to the token.
- The initiative aligns with a trend of corporations adopting cryptocurrencies like BTC as treasury reserves.
- Publicly-listed companies currently hold approximately 834,779 BTC valued over $83.8 billion, according to BitcoinTreasuries data.