BNB’s New Chapter: A Corporate Reserve Asset?
BNB, initially a Binance loyalty token, is set for a major conversion. Former Coral Capital executives are planning a $100 million move to position BNB as a corporate reserve asset. This bold step could redefine BNB’s role in the crypto world.
On June 23, Bloomberg revealed that Patrick Horsman, Joshua Kruger, and Johnathan Pasch are in talks to raise funds through a Nasdaq-listed shell company. Their goal? To buy large amounts of Binance Token (BNB) and make it the treasury reserve of their renamed firm, Build & Build Corporation.
This strategy mirrors the Bitcoin (BTC) playbook, aiming to turn a publicly traded company into a long-term BNB holder. The plan relies on BNB’s independence from Binance, as it now serves as the native token of the BNB Smart Chain.
However, BNB faces challenges. despite powering a busy blockchain, its price has lagged behind peers. Sence Binance’s $4.3 billion settlement in late 2023, BNB has only gained 6.43% year-to-date, compared to Cardano’s (ADA) 40.28% and Tron’s (TRX) 126.32%.
Investor skepticism about BNB’s centralization and Binance’s legal troubles have contributed to this underperformance. Critics argue that BNB’s governance is less obvious than fully decentralized alternatives.
Build & Build’s $100 million bet on BNB is a risky experiment. Can they isolate BNB from Binance’s shadow and convince markets to see it as an institutional-grade asset? Only time will tell.
