$100 Million BNB Wager: Nasdaq Firm Emulates MicroStrategy’s Strategy with Significant Treasury Action

Key Takeaways:

• A group of former Coral Capital executives is aiming to raise $100 million to acquire BNB via a publicly traded company.
• The firm will be rebranded as Build & Build Corporation and will hold BNB as a treasury asset.
• Binance remains at the forefront of altcoin and stablecoin deposit activities on Ethereum and TRON.

A collective of hedge fund executives is working to secure $100 million to buy BNB, the native token of Binance, through a publicly listed company, as reported on June 23.

The strategy includes renaming the Nasdaq-listed entity to Build & Build Corporation, which will be utilized to obtain BNB as a treasury asset.

Crypto hedge fund executives are reportedly aiming to raise $100M to accumulate $BNB https://t.co/BzPqAZm4oM

— BNB Chain (@BNBCHAIN) June 23, 2025

Build & Build to Hold $100 Million in BNB

Documents reviewed by Bloomberg indicate that the initiative is spearheaded by former executives of Coral Capital Holdings: Patrick Horsman, Joshua Kruger, and Johnathan Pasch.

The acquisition of BNB would follow a precedent set by Strategy (previously known as MicroStrategy), which began accumulating Bitcoin through its corporate balance sheet in 2020. Strategy also announced today its intention to acquire $26 million in Bitcoin.

Following the model established by Strategy, other publicly listed companies have implemented similar approaches involving various tokens. SharpLink Gaming raised $425 million in May to buy Ethereum, while DeFi Development Corp. revealed plans to acquire Solana.

BNB was launched by Binance in 2017 during its initial coin offering. The token is utilized to lower trading fees on the exchange and facilitate payments on BNB Smart Chain, which supports numerous decentralized applications.

It currently holds the position of the fifth-largest cryptocurrency by market capitalization, valued at $87 billion, according to CoinMarketCap.

The investor materials characterize Build & Build as the first publicly listed company to include BNB on its balance sheet. The fundraising is anticipated to conclude before the end of June.

Binance Activity Fuels Interest in Exchange Tokens

Recent on-chain analytics from CryptoQuant illustrate Binance’s ongoing leadership in altcoin deposit activities, significantly surpassing competing exchanges.

During the peak of the late 2024 altcoin surge, Binance recorded up to 59,000 daily deposits, more than double that of Coinbase and ahead of all other exchanges combined.

Even in less active markets, Binance leads with an average of 13,000 daily altcoin inflow transactions.

Binance also dominates stablecoin inflows on Ethereum, particularly in USDT and USDC transfers. Data from CryptoQuant indicates that the exchange processed 53,000 Ethereum-based stablecoin transactions over a recent timeframe, compared to 42,000 for Coinbase.

Some publicly traded companies are starting to view exchange-linked tokens not merely as speculative investments, but as integral components of their treasury strategies. The decision to accumulate BNB signifies a growing interest in assets that provide direct utility within expansive trading ecosystems.

This transition also introduces new factors for public markets. Investors will need to assess the advantages of token-linked services against the volatility and regulatory scrutiny associated with exchange-based assets.

Frequently Asked Questions (FAQs)

How could BNB holdings affect Build & Build Corporation’s future financial reporting?

Public companies that hold volatile crypto assets must account for impairment losses but not unrealized gains, which may lead to inconsistent quarterly reports based on market fluctuations.

What regulatory concerns might arise from holding BNB as a core asset?

BNB’s close ties to Binance, which has encountered legal scrutiny, could raise compliance issues, especially if the SEC or other regulatory bodies classify the token as a security in future actions.

Could other exchanges replicate Binance’s BNB model?

While some platforms possess native tokens, few have achieved the same level of utility and liquidity as BNB. Replication may hinge on the size of the ecosystem and regulatory acceptance.

What are the implications for institutional exposure to BNB through public markets?

If successful, this strategy could offer a regulated avenue for institutional investors to gain exposure to BNB without directly engaging with crypto exchanges.

How might token accumulation by firms influence governance or network dynamics?

Significant holders could become pivotal stakeholders in token ecosystems, potentially affecting governance decisions if those tokens confer voting rights or influence over protocols.

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