In a bold move that could shake up the cryptocurrency landscape, a trio of hedge fund veterans are orchestrating a $100 million bet on Binance’s BNB token. Patrick Horsman, Joshua Kruger, and Johnathan Pasch, formerly of Coral Capital Holdings, are leading this ambitious venture. The plan? To metamorphose a Nasdaq-listed shell company into the Build & Build Corporation, with the intent of making BNB its primary treasury asset.
A New Chapter for BNB
This potential pivot, disclosed by Bloomberg, is poised to make waves as it would be the first instance of a public company embracing BNB as a reserve currency. If the plan comes to fruition, stock investors could find themselves indirectly exposed to the token, blending traditional stock market mechanisms with the volatile allure of cryptocurrencies. It’s a marriage of old and new that seems to be gathering momentum across the financial world.
“There’s a growing appetite among institutional investors to diversify into digital assets,” remarks crypto analyst Sarah Jenner. “While Bitcoin has been the star player in this arena, BNB’s potential for utility within the Binance ecosystem makes it an intriguing choice.”
Riding the Crypto Wave
The move mirrors a broader trend of corporations adopting cryptocurrencies as treasury reserve assets. Bitcoin, for instance, has already found favor with several high-profile companies. According to BitcoinTreasuries data, publicly listed firms currently hold around 834,779 BTC, valued at over $83.8 billion. This emerging strategy reflects a shift in how companies are hedging against traditional market risks. For more insights into this trend, see our analysis of corporate treasury investments.
Yet, BNB’s adoption by a public company carries its own set of implications. Unlike Bitcoin, which is primarily seen as a digital gold, BNB’s value is tightly interwoven with the Binance exchange’s performance and its expanding ecosystem. This strategic choice by Horsman and his team indicates a belief in Binance’s ongoing growth and resilience.
The Road Ahead
Transforming an unnamed public firm into Build & Build Corporation is not without its challenges. The regulatory landscape for cryptocurrencies remains unpredictable, with potential legal hurdles that could impact the execution of such a strategy. Moreover, BNB’s price volatility could pose significant risks for the company’s treasury management. As explored in our recent coverage of public companies pivoting to crypto, the implications of such moves are significant.
“Investors should be aware of the inherent risks,” cautions market strategist Mark Delaney. “While the upside potential is attractive, the volatility of crypto assets like BNB means that this strategy isn’t for the faint-hearted.”
Nonetheless, the prospect of a public company using BNB as a reserve currency could set a precedent, opening the door for other firms to explore similar ventures. It raises an intriguing question: Are we witnessing the dawn of a new era where digital assets become a staple on corporate balance sheets?
As we look toward the latter half of 2025, the outcome of this ambitious plan remains uncertain. However, one thing is clear: the intersection of traditional finance and the crypto world is becoming increasingly blurred, and the players in this space are only just beginning to explore its full potential. Whether Build & Build Corporation will lead the charge or serve as a cautionary tale is a narrative still unfolding—but one that promises to keep investors and analysts alike on the edge of their seats.
Source
This article is based on: Hedge Fund Veterans Plan $100M BNB Treasury Bet
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
