A group of former crypto hedge fund executives are aiming to raise $100 to build the first publicly traded company with the BNB token as its core treasury asset — a novel twist on the bitcoin balance sheet strategy pioneered by MicroStrategy, according to a report by Bloomberg.
The report cites investor materials seen by Bloomberg as showing that the team – Patrick Horsman, Joshua Kruger, and Johnathan Pasch, all formerly of Coral Capital Holdings – is in advanced talks to complete the raise this month. The vehicle is a Nasdaq-listed shell company they plan to rename Build & Build Corporation before beginning large-scale accumulation of BNB, the native token of Binance.
The move echoes the crypto treasury allocation trend that has gained momentum since Michael Saylor’s bold bitcoin pivot in 2020. But while most public-market strategies have focused on BTC or ETH, this effort marks a rare institutional play on BNB, currently the fifth-largest cryptocurrency by market cap at $87bn.
The fundraise comes amid shifting US regulatory winds, with recent SEC moves suggesting a thaw in crypto enforcement under the Trump administration. That dynamic – alongside Binance’s $4.3bn settlement with US regulators in 2023 – has opened the door for hedge fund-backed token treasuries to re-enter the public equity space.
Horsman and his partners previously ran Coral Capital, a crypto hedge fund acquired by DNA Fund in 2024. According to the investor pitch, their goal is to offer public market exposure to the Binance ecosystem, leveraging BNB’s utility in trading fee discounts and smart contract settlements on the BNB Smart Chain.
