Nano Labs, previously known for chip manufacturing, is shifting its strategy with a major $50 million BNB purchase.
First Major BNB Purchase
On July 3, Nano Labs confirmed the purchase of 74,315 BNB tokens in an off-exchange deal, paying an average price of $672.45 per token, totaling approximately $50 million. This move boosts the company's combined crypto reserves, including Bitcoin and BNB, to around $160 million.
Shift to Cryptocurrency
The latest BNB purchase reflects a significant change in Nano Labs' business model. The company had faced declining chip sales and reported losses of $8.4 million. By cutting R&D costs and changing its balance sheet strategy, the focus has shifted to accumulating cryptocurrencies instead of traditional manufacturing.
Institutional Strategy Around BNB
Nano Labs is not alone in this wager. Former Coral Capital executives are raising $100 million to accumulate BNB, looking to rebrand it as a corporate reserve asset. While BNB holds potential in the BNB Smart Chain ecosystem, risks regarding the control of its supply remain since part of the tokens are managed by Binance.
Nano Labs' purchase of BNB tokens could reshape market perception of the token and enhance its institutional value despite existing risks.
