TL;DR
- Nano Labs will launch a private placement of $500 million convertible notes to fund a BNB treasury and may double the amount if demand holds.
- The firm plans to acquire up to $1 billion in BNB, aiming to control between 5% and 10% of its total supply in the long term.
- This is the second deal in less than a week focused on accumulating BNB, reinforcing its role as a corporate treasury asset.
Nano Labs announced on Tuesday a private placement of $500 million in convertible notes aimed at funding the creation of a BNB treasury.
The offering includes zero-coupon notes maturing in 360 days, convertible into Class A shares at an initial price of $20 each. According to the company, several investors have already committed, and the amount could double to $1 billion if demand continues.
The strategy involves a detailed assessment of BNB’s security and liquidity before making purchases. In this initial phase, Nano Labs plans to acquire up to $1 billion worth of Binance’s token, intending to hold between 5% and 10% of its circulating supply in the long term. The announcement immediately impacted the market: the company’s shares surged nearly 200% in pre-market trading on Wall Street, raising its market capitalization to over $181 million.
Nano Labs Challenges Bitcoin’s Leadership as Reserve Asset
Founded by former executives of Bitcoin miner Canaan and listed on Nasdaq since 2022, Nano Labs focuses on Web3 infrastructure solutions. The company develops high-performance chips for decentralized applications and cryptocurrency mining. It also adopted Bitcoin as its primary corporate reserve asset and manages verticals dedicated to high-performance computing and blockchain transaction processing.
Until now, corporate crypto holdings have mostly favored Bitcoin. Some isolated cases involved Ethereum or Solana, but BNB was not among the preferred tokens. Nano Labs’ decision changes that. Additionally, it is the second initiative in less than a week aimed at large-scale BNB accumulation. A few days ago, Build & Build Corporation—a firm founded by former Coral Capital Holdings executives—announced plans to raise $100 million to start a similar strategy and go public.
Nano Labs’ operation remains subject to customary closing conditions. The announcement highlights growing investor interest in Binance’s token and could mark the beginning of a new phase for BNB as a reserve asset in corporate balance sheets across various companies
