Another day, another treasury firm enters the chat, this time, it’s targeting BNB.
A group of former Coral Capital executives is gearing up to launch Build & Build Corporation, a new crypto treasury company with plans to raise $100 million and accumulate Binance’s exchange token, according to a report from Bloomberg.
The venture gets its name from BNB’s original branding (“Build and Build”) and follows a growing trend of public-facing entities offering direct exposure to crypto via token accumulation strategies.
And yes, this one’s aiming to go public, but via reverse buyback of an unnamed Nasdaq-listed company, not through a traditional IPO.
BNB enters the treasury clubhouse
Build & Build Corporation is being led by Coral Capital alumni Patrick Horsman, Joshua Kruger, and Johnathan Pasch. The trio plans to begin BNB purchases as early as this month, with fundraising reportedly underway.
Coral Capital itself was acquired by DNA Fund in 2024, but its former leads are clearly not done playing offense in the crypto space.
Former Binance CEO Changpeng Zhao (CZ) chimed in on the announcement, calling it a “BNB MicroStrategy” move, though he clarified that Binance the company isn’t directly tied to this initiative.
In his words, “BNB is a public blockchain native coin, not ‘linked’ to Binance Holdings Ltd or Binance CEX,” emphasizing that the token functions independently of the centralized exchange that originally launched it.
At the time of writing, BNB currently trades around $638.82, making it the fifth-largest cryptocurrency by market cap. Its use cases span transaction fees, token burns, and on-chain gas for the BNB Chain.
Following the treasury trend
Build & Build joins a growing list of crypto-native treasury firms following the playbook popularized by MicroStrategy and more recently Anthony Pompliano’s ProCap Financial, which intends to stack up to $1 billion in Bitcoin.
While most of the attention in the treasury space has focused on Bitcoin or, to a lesser extent, Ethereum, Build & Build’s focus on BNB suggests broader token diversification may be the next frontier for publicly traded crypto balance sheets.
More details, including the identity of the reverse buyback partner and timeline for public listing, have yet to be disclosed.
