Ex-executives of a cryptocurrency hedge fund are reportedly aiming to raise $100 million to invest in the BNB (CRYPTO: BNB) token, in a move seen as replicating Michael Saylor's Bitcoin (CRYPTO: BTC) treasury strategy.
What happened: Former executives of venture capital firm Coral Capital Holdings are behind the initiative, Bloomberg reported Monday, citing an investor document.
The report said that the fundraising is supposed to be completed this month, after which the accumulation of BNB tokens will start through a Nasdaq-listed company, soon to be renamed Build & Build Corporation.
Binance founder Changpeng "CZ" Zhao acknowledged the development on X, stating, "BNB ‘microstrategy' coming to a company near you!"
However, he added that such initiatives were not driven by him or Binance and emphasized that BNB is a "public blockchain native coin."
See Also: Crypto-Friendly Startup Bank, Circle’s Stock Surge And More: This Week In Crypto
Why It Matters: The development comes a week after crypto billionaire Justin Sun announced plans to take his Tron (CRYPTO: TRX) network public in the U.S. through a reverse merger with a Nasdaq-listed company. The new entity would buy and hold large reserves of the Tron token.
More and more firms have been emulating the playbook popularized by Strategy Inc. (NASDAQ:MSTR), which involves buying and holding cryptocurrency in corporate reserves. As of this writing, the Saylor-founded firm was the world’s largest corporate holder of Bitcoin.
Price Action: At the time of writing, BNB was exchanging hands at $640.24, up 3.25% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the asset has lost 8.88% of its value.
Shares of Strategy were up 2.07% in after-hours trading after closing down 0.65% during Monday's regular trading session.
MSTR demonstrated a very high momentum score—a measure of the stock’s relative strength based on its price movement patterns and volatility over multiple timeframes—as of this writing. To filter out the stock with the highest momentum, visit Benzinga Edge Stock Rankings.
Photo Courtesy: DIAMOND VISUALS on Shutterstock.com
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