Gulf Energy makes investment in Binance.US and BNB as part of JV

An energy company in Thailand owned by billionaire Sarath Ratanavadi today announced investments in Binance.US and BNB tokens.

Gulf Energy Development Public Company Limited said in a regulatory filing on April 18 that it had, through a subsidiary, made an investment in “series seed preferred stock” issued by BAM Trading Services Inc., operator of Binance.US. The exchange announced a $200 million raise at a $4.5 billion valuation on April 6.

Per a separate filing on April 18, Gulf Energy has also used a subsidiary named Gulf International Investment Limited to invest an undisclosed sum in BNB — the native token of BNB Chain, Binance’s blockchain.


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Gulf Energy said in the second filing that these moves are “aligned with the company’s target to be the leader in digital infrastructure while providing further opportunities for the company to expand into other digital asset-related initiatives in the future.”

The Thai firm announced plans to form a joint venture, through its subsidiary Gulf Innova Company Limited, with the wider Binance group in January — primarily to set up a crypto exchange in Thailand. The pair hoped to finalize the deal in the second quarter of this year.

In the second filing, Gulf Energy said that Gulf Innova entered a shareholders’ agreement with Binance on April 13 to set up a crypto exchange.  

The pair had also stated their intention to work with local regulators. “Following the establishment of the joint venture, it will apply for a digital asset exchange license and other licenses with relevant agencies,” said Gulf Energy in the second filing.

About Author

Ryan Weeks is deals editor at the The Block, focused on fundraising, M&A and institutional trends in the crypto space, among other things. He is particularly interested in investigative work — so please send tips! Ryan previously worked at Financial News, Dow Jones as a fintech correspondent in London. Prior to that, he wrote for several different publications, including Sifted, AltFi and Wired. Beyond journalism, Ryan is a keen reader and writer. He enjoys all things active, especially running, rugby, climbing and tennis.