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Breaking News: Bitcoin, Ethereum, Solana Rally Towards All-Time Highs: Top Analysts Share Predictions

Hedge Funds Eye $100M BNB Treasury: Binance Coin’s Big Break?

Ronaldo Marquez
Ronaldo Marquez
3 months ago
3 mins read
BNB

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A recent report by Bloomberg has revealed that a group of former executives from Coral Capital Holdings, including notable figures from the crypto hedge fund sector—Patrick Horsman, Joshua Kruger, and Johnathan Pasch—are in the process of raising $100 million to acquire Binance Coin (BNB) tokens. 

Per the report, the executives’ initiative will be conducted through a company listed on the New York Stock Exchange (NYSE), which they plan to rebrand as Build & Build Corporation.

BNB On Corporate Balance Sheets?

This move has reportedly drawn comparisons to Strategy’s (previously MicroStrategy) goal of accumulating Bitcoin as a treasury asset, a tactic that has influenced major players such as SoftBank, Tether, and Donald Trump’s media venture, Trump Media & Technology Group. 

The group’s goal is said to secure funding this month to commence their BNB acquisitions, potentially marking one of the first instances of a publicly traded company targeting Binance’s native token as a reserve asset.

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Changpeng Zhao, widely known as ‘CZ’ and the co-founder of Binance, has observed a growing trend among corporations looking to add BNB tokens to their balance sheets, likening it to Strategy’s investment patterns with Bitcoin.

On June 23, Zhao took to social media platform X (formerly Twitter) to comment on this trend, stating, “BNB ‘microstrategy’ coming to a company near you!”. This highlights the growing interest in accumulating Binance Coin.

CZ On Binance Coin

Zhao further emphasized that this trend is not a deliberate campaign orchestrated by the exchange or himself but rather an organic development within the market. 

The former Binance CEO’s comments add to the ongoing discourse regarding BNB, which was initially introduced as a utility token for reducing trading fees on the Binance platform. 

When asked about the growing interest in BNB among corporations, Zhao confirmed that he has heard of various companies pursuing this strategy. “None of them are led by me or Binance,” he clarified, “but we fully support the idea.” 

Price Analysis

On Monday, the Binance Coin price opened the trading week at $616. However, upon hearing news of a potential new BNB treasury reserve, the price surged nearly 4% toward the $639 mark.

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Dogecoin Crash Far From Over? Analyst Reveals The Target

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After reaching an all-time high of $731 earlier this year following a strong first-quarter performance by the broader cryptocurrency market, the token saw a steep correction toward one of its lowest levels of the year, reaching $507.

Since then, Binance Coin has recovered its bullish momentum, but the $700 resistance level remains a major barrier for the cryptocurrency. Currently, BNB is still 19% below its record price. However, if more companies choose to accumulate it, it could be a major catalyst for further price increases.

BNB
The daily chart shows BNB’s increased price volatility. Source: BNBUSDT on TradingView.com

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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