Veterans in hedge funds plan a $100 million bet on U.S. Treasury bonds
A group of hedge fund executives plans to raise $100 million to purchase Binance cryptocurrency
, at a price of $619.69
through a shell company listed on NASDAQ.
Former partners at Coral Capital Holdings, Patrick Horseman, Joshua Kruger, and Jonathan Bash, aim to convert an undisclosed public company into a "Build & Build" company.
The company will then start accumulating currency $BNB as a primary treasury asset, according to Bloomberg reports.
If the deal goes through, it will mark the first time a public company adopts currency #BNB as a reserve currency, allowing equity investors indirect exposure to the currency.
This move comes amid a growing trend of companies adopting Bitcoin
, priced at $100,478.33
and other cryptocurrencies as treasury reserve assets. Data #BitcoinTreasuries shows that publicly listed companies now hold an estimated 834,779 Bitcoins, valued at over $83.8 billion.