TL;DR
- A group of former executives is looking to raise $100 million via Nasdaq to accumulate BNB and create a company called Build & Build Corporation.
- The strategy mirrors Michael Saylor’s Bitcoin treasury model with Strategy.
- The token is trading at $627, with a market capitalization of $88 billion and heavy usage within Binance.
A group of executives linked to crypto hedge funds is negotiating the creation of a financial vehicle to accumulate BNB, Binance’s native token.
The plan seeks to raise $100 million through a Nasdaq-listed company, intending to turn it into a public firm whose primary treasury asset would be BNB. According to internal documents, the goal is to close the fundraising round before the end of the month and rename the company Build & Build Corporation.
Strategy Does It Again
The initiative is led by Patrick Horsman, Joshua Kruger, and Johnathan Pasch, former partners at Coral Capital Holdings, a fund management firm acquired by DNA Fund in October 2024. Their proposal replicates the strategy popularized by Michael Saylor with Strategy when, in 2020, he began acquiring Bitcoin as a hedge against inflation. Since then, Strategy has built a BTC reserve valued at around $60 billion.
Institutional interest in other cryptocurrencies has grown in parallel. In May, SharpLink Gaming announced a $425 million raise led by Consensys, aimed at acquiring Ethereum. Firms like Upexi Inc. and DeFi Development Corp. also moved to raise funds for Solana purchases. The plan put forward by Horsman, Kruger, and Pasch seeks to make Build & Build the first publicly traded company to accumulate BNB as a treasury asset, offering direct exposure to the Binance ecosystem from traditional markets.
BNB, launched in 2017 through an ICO, currently holds a market capitalization of $88 billion. Besides offering trading fee discounts within Binance, it’s also used to pay fees on BNB Smart Chain, a blockchain widely adopted for games and decentralized applications.
BNB in the Market
According to the latest data from Coinmarketcap, the token is trading at $627 per unit, up 3% in the last 24 hours. Its volume fell 10%, though it still exceeds $1.73 billion.
The regulatory landscape shifted after Trump’s arrival in the presidency, taking a more favorable stance toward crypto. In May, the SEC closed its case against Binance, signaling a more flexible posture that benefits moves like Build & Build’s
