China Renaissance Holdings to raise $600 million to stockpile Binance Coin

Son Min

Summary

China Renaissance Holdings said it plans to raise a $600 million fund to concentrate purchases of Binance Coin (BNB).
The raised funds will be used for long-term BNB treasury, and YZi Labs will participate as a co-investor.
With BNB prices surging, large-scale strategic purchases and related treasury companies are emerging one after another.

Chinese investment bank China Renaissance Holdings is reportedly assembling a $600 million fund to concentrate purchases of Binance Coin (BNB). YZi Labs is also expected to participate as a co-investor in the fund.

On the 13th (local time), Bloomberg reported that China Renaissance Holdings is raising about $600 million to establish a crypto treasury company listed in the United States. The raised funds will be used for long-term BNB stockpiling. China Renaissance and YZi Labs plan to jointly contribute $100 million each, totaling $200 million.

BNB is a token that Binance issued through an initial coin offering (ICO) in 2017, and has more than doubled this year, repeatedly setting record highs. In line with this trend, numerous BNB strategic treasury companies have emerged, and in July CEA Industries and 10X Capital announced a $500 million BNB purchase project.

BNB