As BNB rallies to new highs, a major Chinese investment bank is reportedly in talks to raise $600 million for a new US-based Digital Asset Treasury (DAT) company, focused on investing in the altcoin.
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Chinese Investment Plans $600 Million Fundraiser
On Monday, Bloomberg reported that Beijing-based Chinese investment bank China Renaissance Holdings Ltd. is planning a fundraiser for a new BNB-based public vehicle backed by YZi Labs Management Ltd.
According to the news media outlet, China Renaissance aims to raise $600 million to create a publicly listed DAT company dedicated to accumulating BNB in the United States. YZi Labs, formerly known as Binance Labs, reportedly plans to invest $200 million in the deal alongside the Hong Kong-listed bank.
Sources familiar with the matter told Bloomberg that YZi Labs met with a group of executives bullish on BNB for dinner in early October. China Renaissance, alongside other firms reportedly involved in setting up BNB hoarding companies, sent a representative to the event.
It’s worth noting that the two companies recently announced a strategic partnership to “advance the development of BNB and the BNB Chain ecosystem,” which has been gaining momentum over the past few months.
In August, China Renaissance shared that it had signed a strategic cooperation agreement with YZi Labs, aiming to “shape institutional pathways for digital asset adoption — from compliant product development to enterprise-level RWA applications” and create “meaningful synergies between the two ecosystems.”
The investment bank also revealed its plan to invest around $100 million in BNB as part of its proprietary holdings, becoming the first Hong Kong-listed company to allocate the cryptocurrency as a proprietary digital asset.
BNB Treasury Company Trend
The Chinese investment bank initiative follows the growing trend of launching crypto-based DAT companies. This trend has seen the launch of dozens of new Treasury Companies and the investment of billions of dollars into these vehicles in the past couple of months.
Last week, the world’s largest BNB Treasury Company, CEA Industries, announced that its treasury holdings have reached a total of $663 million in cash and crypto assets.
As part of its goal to own 1% of the altcoin’s total token supply by the end of 2025, the Nasdaq-listed company now holds a total of 480,000 BNB tokens, valued at $585.5 million by October 6.
In late September, Kazakhstan announced the launch of the Alem Crypto Fund, its first crypto reserve fund, aimed at long-term investment in digital assets, with Binance Kazakhstan as a strategic partner.
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As part of the partnership, Alem Crypto Fund made BNB its first investment to highlight “the trust in the Binance ecosystem” and embark on “a new chapter for institutional recognition of cryptocurrencies in Kazakhstan.”
Amid the surge in BNB-based funds, the altcoin has recorded a massive 36% rally in the last month, breaking past the $1,000 barrier and hitting multiple all-time highs (ATHs), reaching its most recent high of $1,370 on October 13.
As of this writing, BNB is trading at $1,281, a 4% increase in the weekly timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
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