China Renaissance wants to raise $600 million to build a public crypto fund focused on BNB.
- One of the largest BNB-focused investments by a public company
- Partnership includes Binance co-founder Zhao’s family office
- BNB price has surged, outperforming other major tokens
China Renaissance Moves Into Crypto
China Renaissance, a big investment bank based in Hong Kong, wants to create a new crypto treasury. This fund would buy and hold BNB, the native token of the BNB Chain. The goal is to raise $600 million for this project. It would be one of the largest single bets on BNB by a company listed on the stock market.
Project Details and Partners
The new fund will be in the United States and will be a public company. Its only job will be to hold BNB tokens. YZi Labs, the $10 billion family office of Binance co-founder Changpeng Zhao, plans to invest alongside China Renaissance. YZi Labs has been active in shaping investments around BNB.
BNB Is Gaining Strength
BNB has more than doubled in value this year. Even after a big $500 billion market crash, it recovered fast. Over the last seven days, BNB is up 5.4%, while other big tokens like bitcoin and ether have dropped. The overall market, measured by the CoinDesk 20 (CD20) index, is down 8.45%.
Growing Interest in BNB Investments
China Renaissance is not alone in its interest. Earlier this month, CEA Industries boosted its BNB holdings to 480,000 tokens. This shows that more public companies are seeing value in holding BNB. Zhao’s family office recently held a private event in Singapore to promote BNB, called “BNB Visionary Circle: Igniting the Next Trillion”, signaling a wider movement in support of BNB-focused funds.
Source: coindesk.com
