Nano Labs Buys $50M In BNB, Plans To Acquire ~10% Of Total Supply

Nano Labs Ltd, a Web3 infrastructure and product solution provider in China, announced the purchase of 74,315 $BNB via OTC transactions worth ~$50M.

Following this purchase, the firm's cumulative reserve of crypto, including BTC and BNB, is around $160M, marking a successful initial step in its BNB strategic plan and underscoring its commitment to increasing holdings over time.

Nano aims to buy up to $1B worth of BNB through convertible notes and private placements in the initial phase and, over the long run, intends to hold 5% to 10% of the total circulating supply.

Source: Nano Labs Ltd