Crypto hedge fund executives are reportedly aiming to raise $100 million to invest in Binance’s BNB token, in a move seen as mirroring Michael Saylor’s Bitcoin treasury strategy.
The effort is being led by Patrick Horsman, Joshua Kruger and Johnathan Pasch, who previously served as executives to Coral Capital Holdings, Bloomberg reported Monday. Coral Capital was a venture capital firm acquired by DNA Fund in 2024.
According to Bloomberg, the executives plan to complete the fundraising this month and begin accumulating BNB (BNB) through a newly formed entity called Build & Build Corporation, which seeks to become a Nasdaq-listed company.
BNB is the fifth-largest cryptocurrency by total value, with a market capitalization of $87.8 billion, according to CoinMarketCap. As the token of the Binance ecosystem, BNB functions as a utility token and the native asset of the BNB Beacon Chain.
In May, asset manager Standard Chartered forecast that BNB could more than double in price this year due to increased network activity.
Related: VC Roundup: Twenty One investors inject $100M into BTC treasury, Jump Crypto backs Securitize
Taking a page out of Michael Saylor’s Strategy playbook
Bloomberg reported that the soon-to-be-launched Build & Build Corporation is emulating MicroStrategy’s Bitcoin (BTC) allocation strategy, which has enabled the Michael Saylor-led firm to accumulate over 592,000 BTC in the past five years. This includes a fresh $26 million BTC purchase last week despite geopolitical tensions.
Several publicly traded companies have adopted similar approaches, adding Bitcoin to their balance sheets and reinforcing the digital asset’s growing value proposition.
Japan’s top Bitcoin treasury firm Metaplanet announced on Monday the additional acquisition of 1,111 BTC, bringing its total holdings to 11,111 BTC.
In April, another Bitcoin acquisition vehicle, 21 Capital, emerged from stealth with backing from major players including Cantor Fitzgerald, SoftBank, Tether and Bitfinex.
As Cryptox reported, Tether and Bitfinex recently moved $3.9 billion in BTC to the newly created firm.
Related: Bitcoin as corporate treasury: Why Meta, Amazon and Microsoft all said no
