Patrick

SharpLink Gaming

Hedge

A group of former crypto hedge fund executives, including Patrick Horsman, Joshua Kruger, and Johnathan Pasch, are planning to raise $100 million through a Nasdaq-listed company they control to buy BNB, a digital token tied to the Binance ecosystem.
The company, which is said to be “unidentified”, will reportedly be renamed Build &amp; Build Corporation once the deal is done, and hopes to wrap up this deal by the end of the month.&nbsp;
According to <a href="https://www.bloomberg.com/news/articles/2025-06-23/hedge-fund-execs-eye-100-million-for-accumulating-bnb-token" target="_blank" rel="noopener noreferrer nofollow">Bloomberg</a>, the BNB tokens will be held up as the company’s main asset, making it the first public company to hold BNB like this. Changpeng Zhao, the founder of Binance, strongly reacted to the news. In a tweet, he said, “I heard about a few different companies doing this. So far, none are driven by me/us. But we are extremely supportive. BNB is a public blockchain native coin, not “linked” to Binance Holdings Ltd or Binance CEX.”&nbsp;&nbsp;
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 <img width="714" height="332" src="https://www.cryptotimes.io/wp-content/uploads/2025/06/CZs-reaction-to-the-news.png" alt="CZ's reaction to the news" title="Binance Founder CZ Reacts as Hedge Fund Execs Plan $100M BNB Buy 10">
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 CZ’s reaction to the news | Source: <a href="https://x.com/cz_binance/status/1937142890834411663" target="_blank" rel="noopener noreferrer nofollow">X</a>
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He followed that up with another post that referred to Michael Saylor’s company, which famously poured billions into Bitcoin., “BNB ‘MicroStrategy’ coming to a company near you!” he said, joking that BNB might be the next token to get that kind of attention from public companies.
Strategy started this trend of companies stacking up a huge amount of Cryptocurrency as their major assets. The firm has been doing this with Bitcoin since 2020 and holding it as a store of value. Early today, the company <a href="https://www.cryptotimes.io/2025/06/23/strategy-buys-245-more-btc-while-bitcoin-price-risks-losing-100k/" target="_blank" rel="noopener noreferrer nofollow">announced</a> that it added 245 BTC, worth about $26 million, to its holdings. The company now has about 592,345 BTC, which it bought for approximately $41,87 billion.
This idea has also been picked up by other companies like SoftBank, Tether, and even President Trump’s social media firm, Truth Social. It’s not just Bitcoin or BNB alone. Some other companies have also decided to acquire other major cryptocurrencies like Solana and Ethereum.
For instance, SharpLink Gaming <a href="https://www.cryptotimes.io/2025/06/13/sharplink-buys-463m-ethereum-becomes-largest-corporate-holder/" target="_blank" rel="noopener noreferrer nofollow">raised</a> $463 million recently to buy Ethereum. Other firms like Upexi and Janover have started building reserves in Solana. BNB was launched in 2017 through an initial coin offering by Binance, the world’s biggest crypto exchange.
A <a href="https://whitepaper.io/document/10/binance-whitepaper" target="_blank" rel="noopener noreferrer nofollow">whitepaper</a> from that time said 80 million tokens were given to the founding team, including Changpeng Zhao, also known as CZ. The funds from that ICO were used to build the Binance exchange.
In late 2023, Binance and CZ pleaded guilty to charges tied to money laundering and U.S. sanctions. Binance agreed to pay $4.3 billion in fines, while CZ paid $50 million and stepped down as CEO. Since then, crypto has gained more support in the U.S., especially under former President Donald Trump. In May 2025, the SEC <a href="https://www.cryptotimes.io/2025/05/30/breaking-binance-lawsuit-by-sec-voluntarily-dismissed-in-court/" target="_blank" rel="noopener noreferrer nofollow">ended its lawsuit</a> against Binance.
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Binance Founder CZ Reacts as Hedge Fund Execs Plan $100M BNB Buy

The Crypto Times

Other articles published on Jun 23, 2025

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