by Coinstrooper Crypto Articles
Quick Take
  • The project, if completed, would mark one of the largest single bets on BNB by a publicly listed entity.
  • 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 recovered quickly from the recent $500 billion crypto market crash.
  • The broader market, as measured by the CoinDesk 20 (CD20) index, dropped 8.45% over the last 7 days.

What Happened

Hong Kong-listed investment bank China Renaissance is seeking to raise $600 million to introduce a public crypto treasury focused on BNB, the native token of the BNB Chain that’s widely used for discounts on Binance fees.

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 recovered quickly from the recent $500 billion crypto market crash. Zhao’s family office reportedly continues to actively organize investor interest, recently hosting a dinner in Singapore titled “BNB Visionary Circle: Igniting the Next Trillion,” signaling ongoing appetite for BNB-centric investments.

Market Context

BNB’s price has outperformed the market since, being up 5.4% in the last seven days, while major tokens including bitcoin and ether are down significantly over the period. The broader market, as measured by the CoinDesk 20 (CD20) index, dropped 8.45% over the last 7 days.

Why It Matters

The project, if completed, would mark one of the largest single bets on BNB by a publicly listed entity. The largest BNB-focused treasuries among publicly traded companies currently belongs to CEA Industries, which earlier this month raised its total token holdings to 480,000.