Beijing Investment Bank, whose former chairman Bao Fan was released from custody in August, is reportedly preparing to set up a US-registered digital asset management company that will focus on accumulating the exchange-traded token. Binance BNB
China Renaissance Holdings Ltd. is already in talks to raise $600 million to create a public investment fund. According to Bloomberg, the accumulation model is similar to the strategy of Michael Saylor’s Bitcoin firm.
The co-founder’s family office is believed to be Binance Changpeng Zhao’s YZi Labs plans to co-invest with China Renaissance. Both organizations intend to contribute $200 million for this purpose, while China Renaissance will contribute approximately $100 million directly to BNB assets.
Interestingly, in early October, YZi Labs hosted a closed-door dinner called the «BNB Visionary Circle,» which was attended by senior executives involved in the formation of other BNB treasury assets.
The new fund, with $600 million in assets, is expected to boost growing institutional demand for BNB, including from Chinese financial players.