Crypto Fund Aims for $100M BNB Fundraise, Echoing Bitcoin Treasury Strategy

Crypto hedge fund executives Patrick Horsman, Joshua Kruger, and Johnathan Pasch are reportedly raising $100 million to invest in Binance’s BNB token, following a strategy similar to Michael Saylor’s approach with Bitcoin at MicroStrategy.

According to Bloomberg, the trio, previously executives at venture capital firm Coral Capital Holdings (acquired in 2024), plan to complete the fundraising this month via a newly formed entity, Build & Build Corporation. Binance’s BNB token currently trades near $630, as per CoinMarketCap.

BNB is the fifth-largest cryptocurrency by market capitalization ($87.8 billion), serving as both a utility and native asset within Binance’s ecosystem (BNB Beacon Chain).

Standard Chartered previously forecasted BNB could double this year due to increased network activity.

Taking a Page from MicroStrategy

Build & Build Corporation aims to emulate MicroStrategy’s long-term Bitcoin accumulation model, which has seen the company add over 592,000 BTC since 2019, including a recent $26 million purchase. The goal is reportedly to list on Nasdaq.

This corporate treasury strategy is gaining traction; other entities like Japan’s Metaplanet (recently acquiring ~1,111 BTC, bringing its holdings to 11,111) and the vehicle led by 21Shares are pursuing similar paths.

Broader Trend Continues

The trend sees several publicly traded firms adding Bitcoin to their balance sheets, reinforcing the digital asset’s perceived value store function amid geopolitical uncertainty.

Related: A $100M Bitcoin Fund and Securitize Investment Signal Continued Corporate Treasury Demand

Related: Bitcoin’s Corporate Treasury Role: Why Meta, Amazon, Microsoft All Said No