Recently, Chinese company Nano Labs, specializing in cryptocurrency mining chip design, has decided to include Binance Coin in its treasury strategy.
Nano Labs Treasury Strategy
Nano Labs, listed on Nasdaq, announced the incorporation of Binance Coin (BNB) into its treasury strategy alongside Bitcoin and Ethereum. This move has attracted attention from investors and cryptocurrency experts.
Details on BNB Purchase
The company has signed a $500 million convertible bond agreement to acquire BNB. In the long run, Nano Labs plans to evaluate the security and value of BNB with the intention to purchase up to $1 billion, targeting 5-10% of the total circulating supply of BNB.
CZ's Reaction and Market Response
Binance CEO Changpeng Zhao (CZ) expressed support for Nano Labs' strategy in a post, noting that the company's stock price has increased significantly after this move. He emphasized that his affiliates did not participate in this round but remain supportive of investment in BNB.
Thus, Nano Labs' steps in incorporating BNB into its treasury strategy highlight the growing interest in this asset and its significance in the cryptocurrency market.
