China-based Web3 firm Nano Labs has announced plans to acquire BNB worth up to $1 billion, which could significantly impact the market.
Starting Strategy with $500 Million
To implement its intentions, Nano Labs has entered into a $500 million convertible note agreement. These zero-interest notes will mature in 360 days and can be converted into Nano Labs' Class A shares at $20 each.
Transitioning from Bitcoin to BNB
This decision is not unexpected. In December 2024, the firm attracted attention by accepting Bitcoin payments for its services. Now, Nano Labs aims to own 5% to 10% of BNB's total circulating supply, indicating a strategic shift in its operations.
Stock Price Surges by 100%
Following the announcement of BNB acquisition plans, Nano Labs (NA) stock surged by 107%, currently trading around $22.5. This reflects the growing interest of traditional markets in BNB.
Nano Labs' strategy to acquire BNB highlights the increasing interest of institutional investors in cryptocurrencies and may herald a new era for the token's utilization and circulation.
