A group of hedge fund executives are planning to raise $100 million to buy Binance’s BNB token through a Nasdaq-listed shell company.
Former Coral Capital Holdings partners Patrick Horsman, Joshua Kruger and Johnathan Pasch aim to transform an unnamed public firm into Build & Build Corporation.
The company would then begin accumulating BNB as its primary treasury asset, Bloomberg reports.
If completed, the deal would mark the first time a public company adopts BNB as a reserve currency, providing stock investors indirect exposure to the token.
The move comes amid a growing trend of corporations adopting bitcoin BTC and other cryptos as treasury reserve assets. Publicly-listed companies now hold an estimated 834,779 BTC worth more than $83.8 billion, BitcoinTreasuries data shows.