Former Hedge Fund Managers Team Up: They May Announce a $100 Million Purchase of This Altcoin Soon — A First in History

A group of hedge fund managers are in advanced talks to raise $100 million to purchase BNB coins, which are associated with cryptocurrency exchange Binance.

The scheme is being led by former Coral Capital Holdings executives Patrick Horsman, Joshua Kruger and Johnathan Pasch.

Nasdaq-Listed Company to Be Renamed and Transformed into a BNB-Focused Company

According to investor documents reviewed by Bloomberg News, the trio is planning to use an unnamed Nasdaq company to carry out the plan. The fundraising process is expected to be completed this month. After that, the company is planned to be renamed “Build & Build Corporation” and start accumulating BNB directly.

The plan to create a BNB treasury bears some resemblance to the Bitcoin treasury model that Michael Saylor launched through MicroStrategy. The strategy, which Saylor launched in 2020 as a hedge against inflation, has led to Bitcoin reserves of around $60 billion to date. Following Saylor, companies such as SoftBank Group, Tether Holdings SA, and Donald Trump’s social media initiative have also taken similar steps.

According to investor presentations, Build & Build Corporation will be the first public company to hold BNB as the underlying asset of its treasury. This structure aims to offer investors indirect access to the Binance ecosystem via the public market.

*This is not investment advice.