Crypto Hedge Fund Veterans Seek $100M to Buy BNB, Emulating Saylor's Bitcoin Strategy
Crypto hedge fund executives are raising $100 million to invest in Binance’s BNB token, emulating Michael Saylor’s Bitcoin treasury strategy. The initiative is led by Patrick Horsman, Joshua Kruger, and Johnathan Pasch, former executives of Coral Capital Holdings. They aim to complete fundraising this month and acquire BNB through a new entity, Build & Build Corporation, which plans to become Nasdaq-listed. BNB, the fifth-largest cryptocurrency with a market cap of $87.8 billion, serves as a utility token within the Binance ecosystem. Standard Chartered predicts BNB's price could more than double this year due to increased network activity. Build & Build Corporation's strategy mirrors MicroStrategy's approach to Bitcoin accumulation, which has seen significant corporate adoption of digital assets. Metaplanet announced an acquisition of 1,111 BTC, raising its total to 11,111 BTC. Additionally, 21 Capital has emerged with backing from major firms, and Tether and Bitfinex transferred $3.9 billion in BTC to a new firm.
