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