Crypto Hedge Fund Veterans Seek $100M to Buy BNB, Emulating Saylor's Bitcoin Strategy
According to Bloomberg, the executives plan to complete the fundraising this month and begin accumulating BNB (BNB) through a newly formed entity called Build & Build Corporation, which seeks to become a Nasdaq-listed company.
BNB is the fifth-largest cryptocurrency by total value, with a market capitalization of $87.8 billion, according to CoinMarketCap. As the token of the Binance ecosystem, BNB functions as a utility token and the native asset of the BNB Beacon Chain.
In May, asset manager Standard Chartered forecast that BNB could more than double in price this year due to increased network activity.
Bloomberg reported that the soon-to-be-launched Build & Build Corporation is emulating Strategy’s Bitcoin (BTC) allocation strategy, which has enabled the Michael Saylor-led firm to accumulate over 592,000 BTC in the past five years. This includes a fresh $26 million BTC purchase last week despite geopolitical tensions.
Several publicly traded companies have adopted similar approaches, adding Bitcoin to their balance sheets and reinforcing the digital asset’s growing value proposition.
Japan’s top Bitcoin treasury firm Metaplanet announced on Monday the additional acquisition of 1,111 BTC, bringing its total holdings to 11,111 BTC.
In April, another Bitcoin acquisition vehicle, 21 Capital, emerged from stealth with backing from major players including Cantor Fitzgerald, SoftBank, Tether and Bitfinex.
As Cointelegraph reported, Tether and Bitfinex recently moved $3.9 billion in BTC to the newly created firm.
