500 Million Dollar BNB Move from Nano Labs: Shares Jumped Over 200%

China-based chip design firm Nano Labs, which is traded on Nasdaq, announced that it will purchase BNB (Build and Build) through a $500 million bond issuance. This move, reminiscent of MicroStrategy's Bitcoin strategy, led to a short but sharp rise in the company's shares.

It is stated that all the proceeds from the bond issuance will be used to purchase BNB, and the company plans to increase the bond amount to up to $1 billion if investor interest exceeds expectations. Nano Labs announced that it has already received commitments from several investors in this direction.

Following the news, Nano Labs shares rose over 200% during the day, surpassing the $31 level, but this momentum was not permanent and the stock closed the day at around $14. Nevertheless, the company's market value exceeded $250 million.

New Trend in Corporate Crypto Investments: Interest in BNB is Growing

Founded in 2022, Nano Labs was established by former executives of Canaan, a company that previously produced Bitcoin mining devices. The company's shift towards BNB is one of the latest examples of increasing interest in crypto assets other than Bitcoin in corporate portfolios.

This week, the second institution announcing that it will invest in BNB attracted attention. On Monday, former executives of Coral Capital Holdings announced that they had established a new company called Build & Build Corporation and planned to buy BNB with a $100 million fund and go public.

Institutional Investment Preferences Going Beyond Bitcoin

While Bitcoin has long been at the forefront of crypto assets held in corporate balance sheets, recently Ethereum (ETH) and Solana (SOL) have also come under the radar of institutional investments. Examples of this trend include SharpLink investing in Ethereum and DeFi Development Corp. preferring Solana.

Nano Labs' aggressive investment decision towards BNB shows that this token, linked to the Binance ecosystem, is beginning to be seen as a new alternative in the corporate finance world. This development is also a strong indication that the use of cryptocurrencies as reserve assets in balance sheets is beginning to diversify.

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