Key Takeaways
- • Former Coral Capital Holdings executives Patrick Horsman, Joshua Kruger and Johnathan Pasch are in advanced talks to raise $100 million for a token-accumulation vehicle, according to an investor document reviewed by Bloomberg News.
- • The plan targets BNB, a token linked to Binance Holdings Ltd., through an unidentified Nasdaq-listed public company the team controls.
- • The structure mirrors the Bitcoin treasury strategy pioneered by Michael Saylor's Strategy, applied to BNB.
- • The team aims to complete the fundraising in June 2025, then rename the company Build & Build Corporation and begin buying BNB.
Summary
A team of crypto hedge fund executives is in advanced talks to raise $100 million to invest in BNB, a token linked to Binance Holdings Ltd., according to Bloomberg News, which reviewed an investor document. The effort uses a publicly listed company the group controls as the investment vehicle.
Former Coral Capital Holdings executives Patrick Horsman, Joshua Kruger and Johnathan Pasch are behind the pitch, per the document. The materials show they aim to complete the fundraising this month, then rename the unidentified Nasdaq-listed company Build & Build Corporation and start accumulating the BNB token.
The proposal is the latest variation on the treasury-company model that Michael Saylor's Strategy pioneered with Bitcoin, in which a listed company raises capital to hold a digital asset on its balance sheet. Applying that approach to BNB extends the model to a different token and, for allocators, raises questions about governance, liquidity and the premium or discount at which such vehicles trade relative to their underlying holdings. The report does not identify the listed company or name specific investors in the raise.
Former Coral Capital Holdings executives Patrick Horsman, Joshua Kruger and Johnathan Pasch are behind the pitch, per the document. The materials show they aim to complete the fundraising this month, then rename the unidentified Nasdaq-listed company Build & Build Corporation and start accumulating the BNB token.
The proposal is the latest variation on the treasury-company model that Michael Saylor's Strategy pioneered with Bitcoin, in which a listed company raises capital to hold a digital asset on its balance sheet. Applying that approach to BNB extends the model to a different token and, for allocators, raises questions about governance, liquidity and the premium or discount at which such vehicles trade relative to their underlying holdings. The report does not identify the listed company or name specific investors in the raise.
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