Beijing-based investment bank China Renaissance is in talks to raise about $600 million to launch a publicly listed vehicle that would buy and hold Binance’s native token BNB, according to Bloomberg.
The proposed fund would channel capital into BNB as a tradable public treasury, part of a broader wave of token-focused treasury vehicles cropping up this year.
Bloomberg reported that YZi Labs, the venture arm backed by Binance co-founder Changpeng “CZ” Zhao, plans to participate alongside China Renaissance, with the two groups expected to commit roughly $200 million combined to the effort.
China Renaissance previously disclosed plans in August to allocate about $100 million of its own resources to BNB, a move the firm framed as an institutional endorsement of the token and the broader BNB Chain ecosystem.
PR Newswire and other filings detailed that initial commitment and signalled growing mainstream interest from Hong Kong-listed financial firms in on-chain assets.
If completed, the $600 million raise would join several high-profile token treasury deals this year that package concentrated token holdings inside a regulated, public company structure, a model that can boost liquidity and create an institutional route into a specific token.
Observers say such vehicles also raise governance and market-concentration questions, especially when tokens are closely associated with influential industry figures.
The Bloomberg account arrives amid a flurry of BNB-related activity: YZi Labs has been rolling out large builder and treasury initiatives for the BNB ecosystem, and market appetite for BNB has climbed alongside renewed interest in exchange-linked tokens.
Representatives for China Renaissance and YZi Labs did not immediately respond to requests for comment. The deal is still at the discussion stage, and would require regulatory clearances and final investor commitments before being launched.