Nano Labs, a publicly listed blockchain infrastructure provider in China, has just announced plans to purchase 1 billion USD BNB in the near future as a reserve asset. The company even aims to ultimately hold between 5% to 10% of the total circulating supply of BNB, equivalent to a value of 4.7 billion USD to 9.4 billion USD.
Nano Labs Stock Surges
Immediately after the news of this investment plan was announced on Tuesday morning, the stock of #NanoLabs nearly tripled in value within minutes after the market opened, from 10.89 USD to 29.18 USD. Although it later adjusted down to 14.85 USD at close, the stock still rose 64.8% for the day.
Nano Labs stated that in the initial phase, they will purchase 500 million USD BNB, funded through the sale of 360-day convertible bonds. These bonds can later be converted into Class A shares of Nano Labs at an initial conversion price of 20 USD/share.
Altcoin Accumulation Trends and Concerns
In recent months, public companies have begun investing billions of dollars into treasury $BTC , yielding significant returns. However, this trend has also raised concerns among some analysts about the potential for a decline in Bitcoin prices to trigger a widespread sell-off and cause a major cryptocurrency crisis.
Now, the allure of easy profits from Bitcoin in traditional finance seems to have spread to other less stable assets. We have seen Solana treasury plans, $XRP and Ethereum emerging in recent months, and now BNB is also gaining attention.
BNB is the native token of Binance, the world's largest centralized cryptocurrency exchange. It is the fifth-largest cryptocurrency in the world by market capitalization, with a current value of 93.9 billion USD. Strong investment demand for BNB appears to be increasing on Wall Street. A separate group of cryptocurrency hedge fund executives is also planning to raise 100 million USD to buy BNB, according to a Bloomberg report on Monday.
A representative from Nano Labs did not respond to requests for comments on why they chose BNB as the sole asset to initiate their billion-dollar treasury, nor whether this purchase is coordinated with Binance.
On Tuesday, Binance founder Changpeng Zhao, who was forced to resign as CEO of the exchange in 2023 after pleading guilty to money laundering, celebrated the announcement of Nano Labs' treasury $BNB , particularly the impact of this news on the company's stock price. "Their stock price skyrocketed," Zhao said. "This is not financial advice!" #anhbacong