Mike Alfred says Binance has no CFO and is seeking funding from W. Buffett’s business
Mike Alfred, a value investor and Bitcoin (BTC) enthusiast, has recently made a number of claims about the cryptocurrency trading platform Binance,.
Alfred said in a series of tweets published on December 22 that he had a phone chat with “a fund manager directly linked to one of Binance’s first investors” who informed him that Binance does not have a single CFO.
As its co-founder and chief executive officer (CEO) Changpeng Zhao “does not want a single centralised CFO,” he argues that a group of over 20 people at the crypto exchange’s Treasury functions as a “decentralised CFO.”
In addition, Alfred asserts that Binance is in active discussions with “possible new ‘keystone’ investors, including Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A), about an equity round that would give the firm with backing and legitimacy.”
In addition, according to Alfred, CZ’s firm has been in talks “with a tier 1 auditor for a month” and has invested $500 million in Twitter (NYSE: TWTR) while burning $547 million worth of BNB in the fourth quarter of 2022.
However, his statements were criticized by some commenters, who argued that Berkshire Hathaway would never be interested in funding Binance, given its CEO Warren Buffett and his right-hand man Charlie Munger’s negative stance on cryptocurrencies, while others questioned whether the aforementioned phone call even occurred.
A recent study ranks Binance as the industry’s biggest company, with 7,300 workers, as recruiting in the sector continues untouched by setbacks like the collapse of FTX and bear markets that have dominated most of 2022.
Positive results for the firm come one month after economist and crypto critic Nouriel Roubini criticized the company’s CEO at the Abu Dhabi Finance Week, expressing amazement that Binance was permitted to operate in the United Arab Emirates (UAE).
BNB, also known as Binance Coin, was trading at $246.04 at press time, up 0.18% in the last 24 hours but still down 2.08% compared to the previous seven days, with monthly losses of 17.31%, according to data collected on December 23.
According to the most recent CoinMarketCap statistics, with a market value of $39.36 billion, it is the fifth-largest cryptocurrency by this metric, behind only Bitcoin, Ethereum (ETH), Tether (USDT), and USD Coin (USDC).
It is also noteworthy that Binance’s native cryptocurrency was recently praised as “one of the finest investments of 2023” since its technical analysis (TA) indicators revealed a good historical trend despite the longest losing run since October, as Finbold previously reported.