Key Takeaways
- • A team of crypto hedge fund executives is in advanced talks to raise $100 million for a publicly listed Nasdaq company they control, to accumulate BNB, a token linked to Binance Holdings Ltd., according to Bloomberg.
- • The pitch is modeled on the Bitcoin treasury strategy pioneered by Michael Saylor's Strategy, applied here to BNB.
- • Former Coral Capital Holdings executives Patrick Horsman, Joshua Kruger and Johnathan Pasch are behind the proposal, per an investor document reviewed by Bloomberg News.
- • The group aims to close the fundraising this month, then rename the unidentified Nasdaq-listed 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., through a publicly listed company they control, according to Bloomberg. The structure follows the so-called Bitcoin treasury blueprint pioneered by Michael Saylor's Strategy, under which a listed company raises capital and uses it to hold a digital asset on its balance sheet.
According to an investor document reviewed by Bloomberg News, the pitch is being led by former Coral Capital Holdings executives Patrick Horsman, Joshua Kruger and Johnathan Pasch. The group aims to complete the fundraising this month. Following the raise, the unidentified Nasdaq-listed company would be renamed Build & Build Corporation and would begin accumulating the BNB token, the materials show.
The report is based on a single investor document, and the publicly listed vehicle has not been identified in the available reporting. Terms of the offering, including valuation and structure, were not detailed in the source material. The proposal illustrates the extension of treasury-company strategies beyond bitcoin to other large-cap tokens.
According to an investor document reviewed by Bloomberg News, the pitch is being led by former Coral Capital Holdings executives Patrick Horsman, Joshua Kruger and Johnathan Pasch. The group aims to complete the fundraising this month. Following the raise, the unidentified Nasdaq-listed company would be renamed Build & Build Corporation and would begin accumulating the BNB token, the materials show.
The report is based on a single investor document, and the publicly listed vehicle has not been identified in the available reporting. Terms of the offering, including valuation and structure, were not detailed in the source material. The proposal illustrates the extension of treasury-company strategies beyond bitcoin to other large-cap tokens.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.