Key Takeaways
- A public company aims to accumulate $100 million in BNB, adopting a Bitcoin-style treasury approach.
- Build & Build Corporation will become the first listed company to hold BNB as a core treasury asset.
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A leadership crew led by crypto hedge fund alumni is seeking to secure $100 million to build the first public company that holds BNB, the fifth-largest crypto asset by market cap, on its balance sheet, Bloomberg reported Monday.
Patrick Horsman, Joshua Kruger, and Johnathan Pasch, previously of Coral Capital Holdings, plan to complete the fundraising this month through Build & Build Corporation, a publicly listed shell company they control.
Following the move, the team will rebrand the company and begin accumulating BNB tokens, according to an investor document seen by Bloomberg. The team declined to provide any comment on the fundraising, the report noted.
Michael Saylor’s Bitcoin playbook goes multichain
Publicly traded companies have increasingly adopted crypto assets, predominantly Bitcoin, as strategic assets following Trump’s 2024 election victory.
The momentum is in part driven by the US administration’s supportive approach to crypto, with lawmakers working to clarify digital asset regulations and Trump’s strategic directive to incorporate Bitcoin into the national reserve framework.
Several industry players have come together to launch public companies focused on the Bitcoin ecosystem, with a core strategy of accumulating the leading digital asset. Those are Twenty One, backed by Tether Holdings and Nakamoto Holdings, to name a few.
Most are following the Bitcoin playbook pioneered by Strategy, which has contributed to the company’s stock gains since its trading debut.
However, it’s no longer just about Bitcoin. Strategy’s playbook is going multichain as a growing number of companies are targeting other major crypto assets like Ethereum, XRP, Solana, and more.
Tron, led by Justin Sun, is planning a US public entry via a reverse merger with SRM Entertainment, orchestrated by Dominari Securities. The operation will see the entity assimilate up to $210 million in token assets, with plans to buy and hold TRX tokens.
SharpLink Gaming announced a $425 million raise led by Ethereum developer Consensys Software to acquire Ether, while Janover, now rebranded as DeFi Development, has raised funds to purchase Solana.
The Build & Build venture would be the first listed company to hold BNB as its core treasury asset, providing public market exposure to the Binance ecosystem, according to the investor document.
BNB, formerly known as Binance Coin, was created by Binance in 2017 through an initial coin offering. At the time of reporting, the token was changing hands at around $623, up 2% in the last 24 hours, per CoinGecko data.
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