Coral Capital Holdings executives are preparing to raise $100 million to purchase Binance’s BNB token. It aims to establish the first major publicly traded BNB treasury vehicle.
The initiative is led by Patrick Horsman, Joshua Kruger, and Johnathan Pasch, all veterans of Coral Capital Holdings.
Their plan, revealed in investor documents reviewed by Bloomberg, is to complete the fundraising by the end of June. After fundraising, they plan to rebrand an as-yet-unnamed Nasdaq-listed company as Build & Build Corporation.
This strategy closely mirrors the approach of Michael Saylor’s MicroStrategy, which famously accumulated over 592,000 BTC. The Coral Capital team’s new venture is on its way to be the first to apply this playbook to BNB, the fifth-largest cryptocurrency by market capitalization.
Choosing BNB
BNB’s appeal has grown as the Binance exchange recently resolved a lengthy legal dispute with US regulators. This has helped restore confidence in the token’s long-term prospects.
Unlike Bitcoin, Binance Coin offers holders opportunities for staking rewards and participation in on-chain governance, as well as airdrops. The BNB Smart Chain now accounts for over 42% of all on-chain transactions, and more than 21% of BNB’s supply is staked. This reflects strong community engagement and network activity.
The Coral Capital move is the latest in a wave of publicly traded companies building crypto treasuries. Recently, firms like Japan’s Metaplanet and 21 Capital have made headlines for their aggressive Bitcoin acquisitions. Additionally, asset managers such as Standard Chartered have forecasted further upside for the BNB price this year.
Notably, the Build & Build Corporation’s BNB treasury will be accessible to mainstream investors via the Nasdaq. This would offer a new way for traditional shareholders to gain exposure to Binance Coin’s price movements and staking yields. The model could also serve as a lifeline to underperforming public companies seeking to rejuvenate their businesses with crypto-fueled growth.
CZ’s Reaction
Changpeng “CZ” Zhao, Binance’s founder and former CEO, responded positively to the news. He clarified that while Binance Holdings is not directly involved, he welcomes the trend of corporate BNB treasuries.
“BNB is a public blockchain native coin, not ‘linked’ to Binance Holdings Ltd or Binance CEX,” CZ wrote on X, emphasizing the token’s decentralized nature
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