Hong Kong-listed investment bank China Renaissance is seeking to raise $600 million to introduce a public crypto treasury centered on BNB, the native token of the BNB chain that is widely used for Binance fee discounts.
The project, if completed, would mark one of the largest single bets on BNB by a publicly traded entity. The largest BNB-focused hoards among publicly traded companies currently belong to CEA Industries, which earlier this month increased its total token holdings to 480,000.
The proposed investment vehicle would be formed in the United States and structured as a publicly traded company, designed specifically to buy and hold BNB, Bloomberg reports citing sources familiar with the deal.
YZi Labs, the $10 billion family office of Binance co-founder Changpeng Zhao, plans to invest alongside the investment bank.
BNB has more than doubled in price this year and quickly recovered from the recent crash of the $500 billion cryptocurrency market. Zhao’s family office reportedly continues to actively organize investor interest and recently hosted a dinner in Singapore titled “BNB Visionary Circle: Igniting the Next Trillion,” indicating a continued appetite for BNB-focused investments.
BNB price has outperformed the market since then, rising 5.4% over the past seven days, while major tokens including bitcoin and ether have dropped significantly over the period. The broader market, as measured by the CoinDesk 20 Index (CD20), fell 8.45% in the last 7 days.
