BNB Treasury Makes Nasdaq Leap as CZ Exits Stage Left: Decoding the Power Play

Binance's war chest goes Wall Street—just as its founder bows out. Coincidence? Never.

Wall Street's New Crypto Toy

The BNB treasury's Nasdaq debut smells like a hedge fund's wet dream—liquidity, legitimacy, and a clean break from crypto's wild west past. But with CZ's sudden exit, who's really holding the keys?

Institutional Alchemy

Watch traditional finance types perform mental gymnastics as they rationalize blockchain assets. 'Digital gold' narratives get polished while compliance teams pop antacids.

The Unspoken Calculus

Nasdaq listing = instant valuation bump. Retail FOMO meets institutional 'due diligence' (read: late-stage capital musical chairs).

One cynical footnote: Nothing launders reputation like a stock ticker—ask any ex-banker turned 'blockchain advisor.'

TLDR

• A $100 million BNB treasury vehicle is preparing to launch through a publicly listed company on Nasdaq.
• The company will be renamed Build and Build Corporation to reflect BNB’s original meaning and purpose.
• Former Coral Capital executives are leading the initiative independently of Binance or Changpeng Zhao.
• Changpeng Zhao confirmed his non-involvement but expressed support for BNB’s global adoption by third-party groups.
• The strategy mirrors MicroStrategy’s approach to Bitcoin but targets BNB for institutional exposure.

A new $100 million BNB treasury is preparing to list on Nasdaq through a rebranded public company. Former Coral Capital executives are spearheading the effort, which will mark the first public firm to hold BNB as a Core asset. Binance founder Changpeng Zhao confirmed his non-involvement but acknowledged growing global momentum behind independent BNB initiatives.

BNB Treasury Vehicle to List on Nasdaq

The team is finalizing a plan to raise $100 million through an existing Nasdaq-listed firm. They will rename the company to Build & Build Corporation, referencing the original meaning of BNB. Their model follows MicroStrategy’s Bitcoin strategy, with BNB now entering institutional adoption.

Leading the initiative are Joshua Kruger, Patrick Horsman, and Johnathan Pasch, all formerly of Coral Capital Holdings. DNA Fund acquired their previous firm in late 2024, and they now aim to apply that experience to crypto finance. According to Bloomberg, investor outreach and fundraising efforts are scheduled for this month.

Once the rebranding process is complete, the company will begin accumulating BNB as a primary treasury reserve. This makes it the first public company to commit to a BNB treasury strategy. The approach reflects a broader movement as crypto assets diversify beyond Bitcoin.

CZ Supports Independent BNB Expansion

Changpeng Zhao confirmed on social media that neither he nor Binance is linked to this new BNB treasury project. However, he expressed support for the broader adoption of BNB across institutional and global markets. He clarified that BNB operates on a public blockchain, independent of Binance Holdings or the Binance exchange.

Zhao also acknowledged hearing about similar BNB treasury projects in various global regions. This indicates a wider interest in BNB as a treasury asset beyond the U.S. market. The initiative suggests that institutional attention toward BNB is expanding quickly.

And a few other markets around the world. 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.

— CZ 🔶 BNB (@cz_binance) June 23, 2025

Despite Binance’s non-involvement, the company benefits indirectly from BNB’s increased visibility. BNB remains integral to Binance’s ecosystem, used for trading discounts and as gas on the BNB Smart Chain. The coin currently holds a market capitalization of $87 billion.

BNB Joins Growing Corporate Crypto Strategies

The BNB treasury announcement places it alongside other altcoins gaining interest from corporate treasuries. Companies like SharpLink Gaming and DeFi Development Corp. hold ethereum and Solana, respectively, for strategic purposes. Others, including VivoPower and Trident, have opted to hold XRP.

The shift signals rising institutional confidence in alternative crypto ecosystems beyond Bitcoin. The BNB treasury launch also reflects changing U.S. regulatory attitudes under the TRUMP administration. Recent SEC rollbacks have created more space for compliant crypto treasury strategies.

The BNB treasury model could see replication across jurisdictions as market appetite grows. With this Nasdaq launch, BNB secures a position in public market treasuries.