Nano Labs has announced plans to issue $500 million in convertible notes aimed at purchasing BNB tokens, marking a significant shift in company asset structuring.
Announcement of Convertible Notes Offering
On June 24, Nano Labs issued a press release disclosing a convertible notes purchase agreement for a total of $500 million. The notes will not accrue interest and have a maturity period of 360 days. Additionally, they may be converted into Class A ordinary shares at an initial conversion price of $20.
BNB Treasury Strategy
The company plans to utilize the proceeds from the notes to establish a BNB treasury strategy. In the long term, Nano Labs aims to hold 5% to 10% of BNB’s total circulating supply, approximately 7 million tokens. Binance CEO Changpeng Zhao indicated his support for this initiative but refuted any involvement by himself or his affiliates.
BNB Price Dynamics
Recent reports indicate that the price of BNB has increased by 3% in the last 24 hours, trading at $639.83 at the time of writing. The price is currently below the 50-SMA and 200-SMA but above the 100-SMA. The Relative Strength Index (RSI) has dropped to 46, suggesting a potential sideways movement. Trading volume for BNB has also increased by 3% over the last 24 hours, reflecting growing interest among traders.
The announcement regarding the issuance of convertible notes and the associated plans from Nano Labs to acquire BNB is perceived as a significant step in the company’s strategy, contributing to increased market activity and potential changes in asset holdings.
