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.
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.
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.
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.
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.
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.
