Chinese microchip manufacturer Nano Labs has revealed plans to acquire up to 10% of Binance Coin’s (BNB) circulating supply, commencing with an initial $50 million purchase. The ambitious strategy—which could total $1 billion—aims to expand the company’s cryptocurrency portfolio.
Investors reacted negatively to the announcement despite BNB’s marginal 0.3% price increase. Nano Labs’ stock declined by 4.7% post-disclosure, signaling market skepticism about the corporate treasury move. A full 10% acquisition would require approximately $926 million based on BNB’s current $93.4 billion market capitalization.
Anthony Scaramucci, founder of SkyBridge Capital, publicly questioned the sustainability of such corporate crypto investment strategies. Concerns are compounded by BNB’s concentrated ownership structure—Binance exchange and its former CEO Changpeng Zhao collectively control 71% of the token’s circulating supply.
The proposal underscores growing debates about institutional cryptocurrency adoption amid volatile market conditions and governance risks associated with token concentration.