Chinese blockchain infrastructure firm Nano Labs has announced a $500 million convertible notes purchase agreement to fund its BNB token treasury.
Nano Labs Plans to Acquire BNB
The company plans to acquire up to $1 billion worth of Binance’s BNB token through a combination of convertible promissory notes and private placements. Nano Labs will also assess BNB’s security and value. "Over the long term, Nano Labs aims to hold 5% to 10% of BNB’s total circulating supply," stated the company.
CZ's Response to the Announcement
Binance co-founder and former CEO Changpeng "CZ" Zhao shared the Nano Labs announcement in a post on X. He further highlighted that the firm's "stock went through the roof" after announcing the BNB reserve initiative.
BNB's Appeal to Institutional Investors
This isn't the first time BNB has caught the attention of institutional investors. Earlier, it was reported that crypto hedge fund executives were looking to raise $100 million to invest in BNB. However, competition in regulated markets is rising, as asset manager VanEck has requested permission from US regulators to list a spot ETF that holds BNB.
Nano Labs continues its strategy in the cryptocurrency space, attracting significant investments in BNB, highlighting the growing interest from institutional investors.
