Nano Labs Ltd, a Web 3.0 infrastructure provider based in China, announces its plan to purchase $1 billion in BNB through convertible notes.
Convertible Notes Agreement
Nano Labs has signed an agreement to purchase $500 million in convertible notes. The company will issue unsecured promissory notes with no interest, maturing in 360 days. Investors will have the option to convert these notes into Class A shares of Nano Labs at a price of $20 per share, subject to adjustment.
BNB Accumulation Strategy
The company plans to use the funds raised from the sale of the notes to begin acquiring Binance Coin (BNB). Nano Labs aims to scale its holdings to $1 billion, which would allow it to control 5% to 10% of the total circulating supply of BNB. Before increasing its holdings, the company will evaluate the security, performance, and value of BNB.
Convertible Notes and BNB Support
The issued notes will be convertible within 360 days, allowing investors flexibility. The fixed conversion rate of $20 will be subject to adjustments based on market conditions. Nano Labs emphasized the strategic nature of this funding stage, advising investors not to rush into decisions due to the uncertainty of deal completion. In related developments, Binance founder Changpeng Zhao noted that former hedge fund professionals are working on BNB-related products intended for launch on Nasdaq.
Nano Labs' strategy to accumulate BNB highlights the growing interest in digital assets and their role in the company's Web 3.0 business model.
