TLDR
Build & Build aims to raise $100M to accumulate BNB as a core asset.
Former Coral Capital execs will lead the new BNB treasury venture.
The firm plans a reverse buyback to go public on Nasdaq.
BNB is up 5%, now the fifth-largest crypto by market cap.
A new cryptocurrency treasury venture named Build & Build Corporation is seeking to raise $100 million to acquire Binance’s exchange token, BNB. The firm will be led by former executives from Coral Capital Holdings, and its strategy has drawn comparisons to MicroStrategy’s Bitcoin-focused approach. The news was first reported by Bloomberg on Monday.
The company, named after Binance’s BNB token (short for “Build and Build”), is expected to begin operations this month. It will accumulate BNB as its core asset and plans to go public through a reverse buyback deal with a yet-to-be-identified Nasdaq-listed company.
Former Coral Capital Executives Behind the Initiative
Build & Build Corporation is being launched by Patrick Horsman, Joshua Kruger, and Johnathan Pasch, all former executives at Coral Capital Holdings. Coral Capital, a crypto investment firm founded in 2021, was acquired by DNA Fund in 2024.
These individuals are now shifting their focus toward BNB, aiming to create a dedicated crypto treasury firm. According to Bloomberg, the founders are finalizing fundraising plans and could begin purchasing BNB before the end of June.
Although the company is not officially linked to Binance, its focus on BNB has already sparked industry interest. Changpeng Zhao, the former CEO of Binance, posted on X (formerly Twitter), “BNB is a public blockchain native coin, not ‘linked’ to Binance Holdings Ltd or Binance CEX.”
Public Listing Via Reverse Stock Buyback
Rather than following a traditional path to the public markets, Build & Build Corporation intends to pursue a reverse buyback of a listed firm. The strategy would allow the new entity to become publicly traded without undergoing a standard initial public offering process.
Details about the Nasdaq-listed company involved in the reverse transaction have not been disclosed. However, the method mirrors previous approaches taken by other crypto firms seeking quick access to public capital.
The choice to list publicly may help Build & Build raise capital more efficiently and add credibility as it pursues large-scale token acquisitions. This model has been used by other treasury-focused companies aiming to gain broader market exposure.
Positioning as a BNB Treasury Vehicle
The plan to focus exclusively on BNB has invited comparisons to MicroStrategy, which has invested billions of dollars into Bitcoin as part of its corporate strategy. Former Binance CEO Zhao noted this in a social media comment, calling Build & Build a “BNB ‘MicroStrategy.’”
BNB as a result remains one of the largest cryptocurrencies by market capitalization. As of June 23, it is the fifth-largest crypto asset and has recently seen a price increase of about 5% in 24 hours, trading near $630 according to The Block’s pricing data.
Build & Build Corporation is expected to join a growing list of crypto-native treasury firms that focus on acquiring and holding digital assets, including those tied to networks like Ethereum, Solana, and Bitcoin.
No Direct Affiliation With Binance
Despite the firm’s focus on BNB, Binance has no official role in the venture. Zhao clarified that BNB is the native token of the BNB Chain, which operates independently from Binance Holdings. He emphasized that the coin functions as a utility token for its blockchain, rather than as a direct asset of the exchange.
Build & Build’s public branding appears to leverage the BNB name as part of its strategy. However, the company’s founders have not indicated any formal relationship with Binance or its leadership.
As more crypto firms move toward corporate token strategies, Build & Build Corporation’s $100 million fundraising goal and planned listing will be closely followed by industry observers.
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