Crypto Executives Plan $100 Million BNB Treasury Strategy

A team of crypto hedge fund executives is in advanced discussions to raise $100 million for investing in a token linked to Binance Holdings Ltd. through a publicly listed company they control. This initiative mirrors the Bitcoin treasury strategy pioneered by Michael Saylor’s Strategy, which involves companies accumulating cryptocurrencies as a hedge against inflation.

Leading this effort are former Coral Capital Holdings executives Patrick Horsman, Joshua Kruger, and Johnathan Pasch. According to an investor document, they aim to complete the fundraising this month and then rename the unidentified Nasdaq-listed company Build & Build Corporation. The plan is to start accumulating the BNB token, which is the native token of the Binance ecosystem.

The BNB treasury play is part of a growing trend among public firms that have started accumulating cryptocurrencies. This trend was initiated by Saylor’s Strategy, which has amassed a Bitcoin reserve worth about $60 billion since 2020. Other companies that have followed this strategy include SoftBank Group, Tether Holdings SA, and US President Donald Trump’s social media venture.

While earlier imitators of Saylor’s Strategy focused on Bitcoin, more recent efforts have targeted smaller tokens. In May, SharpLink Gaming announced a raise of $425 million led by Ethereum developer Consensys Software Inc., with plans to use the capital to acquire Ether. Upexi Inc. and Janover Inc. — now known as DeFi Development Corp. — have raised funds to purchase Solana.

The BNB token, formerly known as Binance Coin, was created by the world’s largest crypto exchange in 2017 via an initial coin offering. A 2017 white paper for the ICO shows that 80 million tokens — today worth around $50 billion — were allocated to the company’s founding team, which included former Chief Executive Officer Changpeng Zhao. The money raised through that ICO was used to launch the Binance exchange.

Binance and Zhao in November 2023 pleaded guilty to charges that it violated anti-money laundering and US sanctions, with the firm agreeing to pay $4.3 billion. Zhao also agreed to pay a $50 million fine and step down as CEO. This followed a years-long investigation by the US Department of Justice, the US Commodity Futures Trading Commission and the Treasury Department.

Under President Trump, a vocal supporter of crypto, the US has taken a notably more supportive stance toward the industry. In May, the US Securities and Exchange Commission moved to end its legal battle with Binance, reflecting a change in how the agency approaches crypto regulation.

Horsman, Kruger, and Pasch were partners at Coral Capital, a crypto fund management firm that was acquired by DNA Fund in October 2024. Their pitch to investors is that Build & Build would be the first listed company to hold BNB as its core treasury asset, offering exposure to the Binance ecosystem via public markets, according to the document.

BNB has a market value of $87 billion, ranking it as the fifth largest cryptocurrency. Holders of the token get trading-fee discounts on Binance and it is also used to settle fees on BNB Smart Chain, a blockchain popular with crypto apps, including games and exchanges.