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By Francisco Rodrigues|Edited by Stephen Alpher
Jun 23, 2025, 4:53 p.m.
- A group of former hedge fund executives plan to raise $100 million to buy Binance’s BNB token through a Nasdaq-listed shell company.
- The unnamed public firm will be transformed into Build & Build Corporation, with BNB as its primary treasury asset.
- The deal would mark the first time a public company adopted BNB as a reserve currency, providing investors indirect exposure to the token.
A group of hedge fund executives are planning to raise $100 million to buy Binance’s
token through a Nasdaq-listed shell company.
Former Coral Capital Holdings partners Patrick Horsman, Joshua Kruger and Johnathan Pasch aim to transform an unnamed public firm into Build & Build Corporation.
STORY CONTINUES BELOW
The company would then begin accumulating BNB as its primary treasury asset, Bloomberg reports.
If completed, the deal would mark the first time a public company adopts BNB as a reserve currency, providing stock investors indirect exposure to the token.
The move comes amid a growing trend of corporations adopting bitcoin
and other cryptos as treasury reserve assets. Publicly-listed companies now hold an estimated 834,779 BTC worth more than $83.8 billion,BitcoinTreasuriesdata shows.
Francisco is a reporter for CoinDesk with a passion for cryptocurrencies and personal finance. Before joining CoinDesk he worked at major financial and crypto publications. He owns bitcoin, ether, solana, and PAXG above CoinDesk’s $1,000 disclosure threshold.
