Hong Kong-listed investment bank China Renaissance is looking to raise $600 million to introduce a public crypto treasury focused on BNB, the native token of the BNB chain that is widely used for Binance fee discounts.
The project, if completed, would constitute one of the largest bets on BNB by a publicly traded entity. Among publicly traded companies, the largest BNB-focused treasury currently belongs to CEA Industries, which earlier this month increased its token total to 480,000.
The proposed investment vehicle would be created 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 matter.
YZi Labs, the $10 billion family office of Binance co-founder Changpeng Zhao, plans to invest alongside the investment bank.
The price of BNB has more than doubled this year and has quickly recovered 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 a continued appetite for BNB-centric investments.
BNB price has since outperformed the market, rising 5.4% over the past seven days, while major tokens including bitcoin and ether have declined significantly over the period. The broader market, as measured by the CoinDesk 20 Index (CD20), is down 8.45% over the past 7 days.
