Chinese Investment Bank Eyes $600 Million Raise For BNB Treasury Company
As BNB rallies to new highs, a serious Chinese funding financial institution is reportedly in talks to lift $600 million for a brand new US-based Digital Asset Treasury (DAT) firm, centered on investing within the altcoin.
Chinese Investment Plans $600 Million Fundraiser
On Monday, Bloomberg reported that Beijing-based Chinese funding financial institution China Renaissance Holdings Ltd. is planning a fundraiser for a brand new BNB-based public car backed by YZi Labs Management Ltd.
According to the information media outlet, China Renaissance goals to lift $600 million to create a publicly listed DAT firm devoted to accumulating BNB within the United States. YZi Labs, previously referred to as Binance Labs, reportedly plans to take a position $200 million within the deal alongside the Hong Kong-listed financial institution.
Sources acquainted with the matter informed Bloomberg that YZi Labs met with a bunch of executives bullish on BNB for dinner in early October. China Renaissance, alongside different corporations reportedly concerned in organising BNB hoarding firms, despatched a consultant to the occasion.
It’s value noting that the 2 firms lately introduced a strategic partnership to “advance the event of BNB and the BNB Chain ecosystem,” which has been gaining momentum over the previous few months.
In August, China Renaissance shared that it had signed a strategic cooperation settlement with YZi Labs, aiming to “form institutional pathways for digital asset adoption — from compliant product growth to enterprise-level RWA functions” and create “significant synergies between the 2 ecosystems.”
The funding financial institution additionally revealed its plan to take a position round $100 million in BNB as a part of its proprietary holdings, turning into the primary Hong Kong-listed firm to allocate the cryptocurrency as a proprietary digital asset.
BNB Treasury Company Trend
The Chinese funding financial institution initiative follows the rising pattern of launching crypto-based DAT firms. This pattern has seen the launch of dozens of latest Treasury Companies and the funding of billions of {dollars} into these autos previously couple of months.
Last week, the world’s largest BNB Treasury Company, CEA Industries, announced that its treasury holdings have reached a complete of $663 million in money and crypto property.
As a part of its objective to personal 1% of the altcoin’s whole token provide by the top of 2025, the Nasdaq-listed firm now holds a complete of 480,000 BNB tokens, valued at $585.5 million by October 6.
In late September, Kazakhstan introduced the launch of the Alem Crypto Fund, its first crypto reserve fund, geared toward long-term funding in digital property, with Binance Kazakhstan as a strategic associate.
As a part of the partnership, Alem Crypto Fund made BNB its first funding to spotlight “the belief within the Binance ecosystem” and embark on “a brand new chapter for institutional recognition of cryptocurrencies in Kazakhstan.”
Amid the surge in BNB-based funds, the altcoin has recorded a large 36% rally within the final month, breaking previous the $1,000 barrier and hitting a number of all-time highs (ATHs), reaching its most up-to-date high of $1,370 on October 13.
As of this writing, BNB is buying and selling at $1,281, a 4% enhance within the weekly timeframe.