Hedge Fund Veterans Target $100M BNB Treasury Bet Via Public Company Deal

A group of seasoned hedge fund executives is seeking to raise $100 million to acquire Binance’s BNB token through a publicly listed shell company on the Nasdaq, signaling a new frontier in corporate crypto adoption.

Former Coral Capital Holdings partners Patrick Horsman, Joshua Kruger, and Johnathan Pasch plan to transform an unnamed public entity into Build & Build Corporation, according to a report from Bloomberg. The revamped company would hold BNB as its primary treasury asset.

If successful, the move would mark the first time a publicly traded firm adopts BNB as a reserve currency, allowing stock market investors to gain indirect exposure to the token.

This initiative arrives as more corporations embrace cryptocurrencies, particularly bitcoin and other digital assets, as part of their treasury strategies. Data from BitcoinTreasuries shows that publicly traded companies collectively hold about 834,779 BTC, valued at over $83.8 billion.