Nano Labs Buys $50M in BNB in $1B Plan to Hold Up to 10% of Supply
2025-07-04 11:17:46
Main Idea
Nano Labs purchased $50 million worth of BNB tokens as part of a $1 billion plan to hold up to 10% of the total supply, increasing its digital asset reserves to around $160 million.
Key Points
1. Nano Labs bought 74,315 BNB at an average price of $672.45 in an over-the-counter deal.
2. The company aims to accumulate up to 10% of BNB's total supply as part of a $1 billion strategy.
3. Nano Labs' digital asset reserves now total approximately $160 million.
4. The purchase was partly funded through $500 million in convertible notes.
5. Nano Labs' shares fell 4.7% on Thursday and slipped another 2.15% after hours.
Description
Nano Labs (NA), a Nasdaq-listed chipmaker, snapped up about $50 million worth of Binance’s BNB (BNB) token as it works toward a goal of owning as much as 10% of the total supply. The Hong Kong-based company said it bought 74,315 BNB in an over-the-counter deal at an average price near $672.45, lifting its total digital asset reserves, including bitcoin (BTC), to around $160 million. The purchase marks the first major step in Nano Labs’ plan to allocate as much as $1 billion to BNB, funded partly...
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