BNB Treasury Strategy Gains Ground with Bold $100M Play

Former Coral Capital Holdings partners Patrick Horsman, Joshua Kruger, and Johnathan Pasch are looking to raise $100 million to purchase BNB, the native token of the Binance ecosystem, according to Bloomberg. Their strategy involves transforming a Nasdaq-listed shell company into a new entity named Build & Build Corporation, which would then acquire and hold BNB as its primary treasury asset.

If successful, this would mark the first time BNB, currently the fifth-largest cryptocurrency by market cap, enters a public company’s balance sheet as a reserve asset.

A New Model for Public Company Crypto Treasuries

This initiative signals a growing trend where publicly traded firms use digital assets as treasury reserves. What started with Michael Saylor’s MicroStrategy buying Bitcoin in 2020 has now evolved. The initial playbook focused on BTC as an inflation hedge. But now, companies are turning to other high-performing tokens, diversifying their exposure to the broader crypto ecosystem.

BNB, once known as Binance Coin, was launched by the Binance exchange in 2017 through an ICO. Over 80 million BNB tokens were allocated to the founding team at the time. The asset now boasts a market capitalization of nearly $88 billion. BNB powers the BNB Beacon Chain and supports a broad range of functions in the Binance ecosystem—from trading fee discounts to token burns and smart contract operations.

The proposed treasury strategy by the former Coral Capital trio could give stock investors indirect exposure to BNB, just as MicroStrategy gave traditional investors a proxy for Bitcoin.

Deal Details Still Under Wraps

According to Bloomberg, an investor presentation reviewed by the outlet outlines the team’s vision to complete fundraising this month. Following that, the unnamed Nasdaq-listed firm will be rebranded to Build & Build Corporation and begin accumulating BNB.

A spokesperson for the group has declined to comment publicly on the deal or the fundraising progress. While many of the details are being kept private, the documents make it clear: BNB will be treated as a long-term strategic asset.

The deal is significant because it breaks new ground for altcoin adoption at the institutional level. While Ethereum and Solana have been added to the treasuries of some public firms this year, BNB has not seen the same treatment—until now.

Context: The Rise of Altcoin Treasuries

BNB isn’t the first altcoin to draw institutional interest in 2024. Earlier this year, SharpLink Gaming raised $425 million to buy Ethereum, a round led by Consensys. Upexi Inc. and Janover Inc. (now DeFi Development Corp.) have also begun accumulating Solana.

Fluctuating regulations, increasing demand for decentralized infrastructure, and the maturing DeFi sector have all contributed to this shift. More companies now see value in holding a variety of crypto assets—especially ones with active networks and solid use cases.

BNB, backed by a high-throughput blockchain and broad utility, fits that profile well. Analysts at Standard Chartered even forecasted earlier this year that BNB could double in value, citing increasing activity on the BNB Chain.

Regulatory Backdrop Favors Growth

Under the Biden administration, crypto regulation tightened, resulting in enforcement actions against several platforms, including Binance. In November 2023, Binance and founder Changpeng Zhao admitted to violating anti-money laundering laws and paid $4.3 billion in fines.

Zhao also stepped down as CEO and paid an additional $50 million penalty. That development was part of a broader crackdown involving the DOJ, CFTC, and Treasury Department. However, under President Trump’s influence and with support from crypto advocates like David Bailey, the U.S. regulatory climate has recently taken a softer turn.

In May, the SEC dropped its legal battle with Binance, indicating a potential shift toward clearer, more accommodating oversight. The environment now appears more favorable for institutional adoption of crypto assets.

Market Reaction and CZ's Take

Following the news, BNB saw a 4.5% price increase on Monday. Investors responded positively to the prospect of a Nasdaq-listed company adding the token to its balance sheet. Binance founder Changpeng Zhao, better known as CZ, also weighed in on the development via an X (formerly Twitter) post.

While clarifying that neither he nor Binance is involved in creating the reserve, CZ confirmed hearing of multiple companies planning similar BNB holdings. He emphasized that BNB is the native token of a public blockchain, not owned or controlled by Binance Holdings.

The distinction is important as Binance seeks to distance itself from centralized control over BNB. The token’s value now comes from the activity and adoption of the BNB Chain, which supports a range of applications from DeFi to NFTs.

Worth norting, BNB’s utility spans across staking, transaction fees, governance, and decentralized apps. This makes it an attractive option for firms looking to balance growth potential with real-world use cases.