#BinanceAlphaAlert
Chinese company shares soar on plans for $1 billion crypto treasury
Chinese blockchain infrastructure company Nano Labs has announced that it will invest $1 billion in the BNB cryptocurrency in the near future.
The company plans to buy 5% to 10% of the total circulation of the Binance-linked cryptocurrency over time, which is between $4.7 billion and $9.4 billion at current prices.
Nano Labs shares tripled in value immediately after the news, rising from $10.89 to $29.18 within minutes of the market opening, and closing at $14.85 at the end of the day, a massive 64.8% increase.
Nano Labs said that it will buy $500 million worth of the cryptocurrency in the first phase of the BNB treasury. , for which funds will be raised by the sale of convertible notes,
The notes will be converted into the company's Class A shares after 360 days, with an initial conversion price set at $20 per share,
In recent months, several publicly traded companies have made large investments in Bitcoin to generate passive income, but some experts are concerned that a potential decline in the price of Bitcoin could have a negative impact on the market,
In addition to Bitcoin, Solana, XRP, Ethereum and now BNB are also becoming investment favorites,
BNB is the native token of Binance, the world's largest centralized crypto exchange,
The currency is used for transactions and is the world's fifth-largest cryptocurrency by market cap, with a current value of $93.9 billion,
There is growing appetite for heavy investment in BNB on Wall Street, and Blackburn's According to the report, a group is trying to raise $100 million to acquire a stock of BNB.
Binance founder C .Z welcomed Nano Labs’ announcement and said that the price of their shares has increased significantly. He also said that this is not financial advice.
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