Crypto hedge fund executives reportedly plan to raise $100 million to build a $BNB treasury, a move that CZ has expressed support for.
Hedge fund executives are reportedly trying to adopt Michael Siler's strategy to build a Binance Coin (BNB) treasury.
These executives intend to raise up to $100 million to pool the token and build a BNB treasury through their Nasdaq-listed company.
Hedge fund executives reveal plans to build BNB treasury
According to a Bloomberg report, a team of crypto hedge fund executives are in early talks to raise $100 million to invest in Binance Coin (BNB).
They plan to create the Binance Coin treasury through a publicly listed company that they control.
Bloomberg reports that former Corral Capital Holdings executives Patrick Horsman, Joshua Kruger, and Jonathan Paska are behind the pitch, according to an investor document reviewed by the platform. The crypto executives aim to complete the fundraising this month.
After the fundraising is complete, they plan to rebrand the undisclosed Nasdaq-listed company and establish $BNB Treasury. Former Binance CEO Changpeng “CZ” Zhao also commented on the development.
In an X post, CZ said that BNB Treasury is also coming to a few other markets around the world. He revealed that he had heard of a few different companies doing this.
However, the crypto founder added that he is not involved in any of these companies, although he is very supportive of the move. He said that BNB is a public blockchain native token, with no affiliation with Binance Holdings or the top crypto exchange.
In a subsequent X post, CZ once again expressed support for a move from hedge fund execs to create a Binance Coin treasury. Regarding the adoption of this strategy in the US, he simply said, “BNB MicroStrategy is coming to a company near you.”
