A group of former Coral Capital executives is plotting a bold move that could give public investors direct exposure to the Binance (BNB) ecosystem. Patrick Horsman, Joshua Kruger, and Johnathan Pasch are reportedly close to raising $100 million through a Nasdaq-listed shell company they control, with plans to rename it Build & Build Corporation and start accumulating BNBBinance’s native tokenas its primary treasury asset. According to investor materials reviewed by Bloomberg, the fundraising could close within weeks. If the deal lands, it would mark the first time a publicly traded firm anchors its balance sheet to BNB, borrowing a page from Michael Saylor’s Bitcoin blueprint, Strategy (NASDAQ:MSTR)
The strategy taps into a wave of crypto accumulation by corporateskicked off by Saylor’s firm, which now holds nearly $60 billion in Bitcoin (BTC-USD)and now expanding into alternative tokens. Recent examples include SharpLink’s $425 million Ethereum-focused raise led by Consensys, and moves by firms like Janover and Upexi into Solana. But this BNB bet stands out. Binance launched the token in 2017 via an ICO that allocated 80 million tokens to its founding team, including former CEO Changpeng Zhao. Today, BNB sits at a market value of $87 billion, used for fee discounts on Binance and to power transactions across BNB Smart Chaina blockchain favored by crypto games and exchanges.
Of course, this all comes with baggage. Binance and Zhao pleaded guilty in late 2023 to violating U.S. AML and sanctions laws, resulting in a $4.3 billion settlement and Zhao stepping down. That said, the regulatory winds may be shifting. Under Trump-era crypto optimism, the SEC recently moved to drop its lawsuit against Binanceoffering a potentially more favorable backdrop for this kind of public-market crypto exposure. If Build & Build pulls it off, it won’t just be another crypto stock. It could be the first publicly traded BNB treasurypositioned squarely at the center of the Binance revival narrative.
