The Chinese blockchain company Nano Labs announced a convertible note agreement of US$500 million to finance a significant acquisition of Binance's native token, #BNB , aiming to own up to 10% of its circulating supply.

The co-founder and former CEO of Binance, Changpeng "CZ" Zhao, shared Nano Labs' announcement and highlighted that the company's shares skyrocketed after announcing the BNB reserve initiative.