China-based Nano Labs initiated the issuance of convertible notes worth $500 million aimed at strengthening its position in Web 3.0 and investing in BNB.
Convertible Notes Agreement for $500 Million
On June 24, Nano Labs announced the issuance of convertible promissory notes totaling $500 million. Several investors have already committed to purchasing these notes, which will not earn interest and will mature 360 days after issuance.
During this period, investors can convert their notes into the company’s Class A ordinary shares. The conversion price is set at $20 per share, but may change as per the agreement terms.
If not converted, the full amount must be repaid at the end of the 360-day term. These notes are unsecured, meaning company assets do not back them. The agreement is still subject to standard closing conditions.
Strategic Growth through BNB Acquisition
This agreement forms part of a broader plan by Nano Labs to strengthen its presence in Web 3.0. A key element of this strategy is a deep dive into BNB, a major blockchain asset.
The company plans to purchase up to $1 billion worth of BNB through convertible notes and private deals. Ultimately, it hopes to own 5% to 10% of BNB’s total circulating supply.
Nano Labs shared that a full security and value assessment of BNB will be implemented in the early stages of this plan. By making this move, Nano Labs indicates strong confidence in blockchain infrastructure and digital assets.
Broader Industry Trend
Nano Labs’ plan to build a BNB treasury using convertible notes is not an isolated case. Increasingly, companies across the crypto and tech space are incorporating digital assets like Bitcoin (BTC), Ethereum (ETH), and BNB into their business strategies.
The Nasdaq-listed firm Strategy leads this trend. It raised funds through various methods, including selling shares and issuing convertible notes to buy Bitcoin. Today, Strategy holds more Bitcoin than nearly any other public company.
Its strong market performance has attracted the attention of other companies, such as Metaplanet and Semler Scientific, which have also started adding Bitcoin to their financial reserves.
By securing substantial funding, Nano Labs showcases growing interest in digital assets and actively participates in shaping the future of Web 3.0.
