Chinese microchip manufacturer Nano Labs has begun executing its strategy to accumulate Binance Coin (BNB), starting with a $50 million purchase.
BNB Accumulation Strategy
Nano Labs confirmed that its aim is to accumulate BNB holdings totaling up to $1 billion, representing between 5% and 10% of the token’s total supply. Following this initial purchase, the combined crypto treasury of the company now stands at approximately $160 million, including both BNB and Bitcoin.
Market Reaction and Stock Performance
Meanwhile, the company's stock reacted negatively to the news. During regular trading hours, shares declined by over 4.7%, dipping an additional 2% in after-hours trading, closing at $8.21. This reaction contrasts sharply with the company's 106% surge when it initially announced plans to issue $500 million in convertible notes to fund its BNB treasury strategy.
Expert Opinions on Crypto Strategies
Some analysts express skepticism regarding the strategy of major companies accumulating cryptocurrency. Anthony Scaramucci, founder of SkyBridge Capital, stated that investors may prefer direct exposure to crypto assets over investing in companies that accumulate them. Nevertheless, he remains optimistic about Bitcoin.
The success of Nano Labs' BNB accumulation strategy will depend on future developments, but the initial purchase marks the company's ambitious plans in the cryptocurrency market.
