B Strategy, an investment firm founded by former Bitmain executives, will establish a company with a treasury in BNB. In the coming weeks, the project aims to list on Nasdaq and raise $1 billion, reports The Block.
The new company is set to become a “Berkshire Hathaway equivalent for the BNB ecosystem,” according to B Strategy representatives. In addition to forming a crypto reserve, it will invest in blockchain infrastructure development, grant projects, and support community initiatives.
Former Bitmain top managers have secured backing from the venture fund YZi Labs, created by Binance co-founders Changpeng Zhao and Yi He.
The BNB price remained unaffected by the news. On August 22, the coin reached an all-time high of $899. Since then, the price has fallen by 4.5% to $866 at the time of writing.
Corporate Treasury News
On August 25, the largest corporate holder of Bitcoin, Strategy, purchased 3,081 BTC worth $357 million. The company, led by Michael Saylor, now manages 632,457 BTC valued at over $70 billion at current prices.
Simultaneously, Sharps Technology announced the creation of the largest Solana treasury. The firm issued $400 million in shares, with proceeds to be used for purchasing SOL.
James Zhang, founder of the Solana project Jambo, will serve as an advisor and consultant to the company. He will collaborate with asset managers like Monarq Asset Management, ParaFi, and Pantera to form Sharps Technology’s SOL reserve.
Meanwhile, BitMine reported acquiring 190,500 ETH for $2.2 billion last week. At the time of writing, the firm holds 1.7 million ETH, valued at $8.8 billion.
ETHZilla announced plans to raise $10 billion through the issuance and sale of common stock for further Ethereum purchases.
Earlier in August, Galaxy Digital analysts compared the trend of corporate crypto reserves to the 1920s bubble. Debates on this topic have also erupted within the community.