Nano Labs, a chip design company listed on Nasdaq, has announced plans to acquire up to $1 billion in Binance Coin (BNB). This move indicates a diversification of the corporate treasury and growing interest from institutional investors.
Nano Labs' Plans for BNB Acquisition
Nano Labs has expressed its intention to acquire 5% to 10% of the circulating supply of Binance Coin (BNB). This decision aims to lock in long-term BNB holdings, allowing the company to shift its focus away from Bitcoin and reflect the growing interest from institutional investors.
Funding Through Convertible Notes
To fund this acquisition, Nano Labs entered into a $500 million convertible note agreement. These notes are zero-interest notes that convert into Class A shares at $20 each over a 360-day period.
Market Changes for BNB
The announcement from Nano Labs led to a 107% increase in its stock, reflecting market confidence in institutional adoption of BNB. Currently, BNB is trading at $641.87, with a 2.22% gain in the last 24 hours. In recent days, BNB has maintained stability while facing pressure from the broader crypto market.
With the increasing interest from institutional investors in altcoins, Nano Labs' plan demonstrates a shift in corporate strategies in the crypto industry, moving from traditional assets toward digital assets.
