Nano Labs doubles down on BNB with $50m OTC purchase

Key Points

1. Nano Labs purchased 74,315 BNB tokens at an average price of $672.45 per token, totaling roughly $50 million, increasing its combined crypto reserves to approximately $160 million.

2. The company's revenue from iPollo mining chips declined by 39% in the second half of 2024, with losses narrowing to $8.4 million primarily due to cost-cutting measures.

3. Nano Labs plans to accumulate up to $1 billion in BNB through zero-interest convertible notes, aiming to hold 5-10% of the token's circulating supply.

4. Other institutional players, such as former Coral Capital executives, are also investing in BNB, viewing its value as tied to the BNB Smart Chain's ecosystem rather than Binance's regulatory issues.

5. BNB's year-to-date gain of 18% lags behind other cryptocurrencies like Cardano (45%) and Tron (121%), reflecting market concerns over Binance's regulatory challenges.