Hedge Fund Veterans Plan $100M BNB Treasury Bet: A Bold Move in the Crypto Market?
A group of hedge fund executives, including former Coral Capital Holdings partners Patrick Horsman, Joshua Kruger, and Johnathan Pasch, are planning to raise $100 million to buy Binance’s BNB token through a Nasdaq-listed shell company. The executives aim to transform an unnamed public firm into Build & Build Corporation, which would then begin accumulating BNB as its primary treasury asset.
According to Bloomberg, if the deal is completed, it would mark the first time a public company adopts BNB as a reserve currency, providing stock investors with indirect exposure to the token. The move comes amid a growing trend of corporations adopting bitcoin and other cryptocurrencies as treasury reserve assets. Publicly-listed companies now hold an estimated 834,779 BTC worth more than $83.8 billion, according to BitcoinTreasuries data.
The executives behind the plan believe that BNB has the potential to become a leading cryptocurrency in the market and that by investing in it through a public company, they can provide their investors with exposure to the token. They also believe that the adoption of BNB as a reserve currency could help to increase the token’s value and make it more widely accepted in the cryptocurrency community.
The plan is still in its early stages and has not been finalized yet, but if it does go through, it could be a significant development in the cryptocurrency market and could provide new opportunities for investors looking to get exposure to the growing market for digital assets.
