1. $500 M Convertible Notes to Fund BNB Treasury

In late June, Nano Labs—a Nasdaq-listed Web3 infrastructure and chip company—announced a $500 million convertible notes deal to fuel its Binance Coin (BNB) acquisition plan . These are zero-interest notes, maturing in 360 days, convertible into Nano Labs Class A shares at $20 each .

2. $1 B Accumulation Target

Nano Labs plans to purchase up to $1 billion in BNB through a mix of the notes and private placements. Long-term, they’re aiming to hold 5–10% of BNB’s total circulating supply .

3. First $50 M Purchase Completed

On July 3, Nano Labs executed its first BNB acquisition—$50 million worth, approximately 74,315 BNB at an average price of ~$672 per token . Post-purchase, its treasury holding (BNB + BTC) stands around $160 million .

4. Market & Investor Reactions

Upon revealing the plan, Nano Labs’ stock skyrocketed: up about +106% to +107%, reaching ~$22.50 .

However, after the $50M BNB buy, its stock dipped roughly 4.7% intraday and another ~2% after hours, settling around $8.21 .

BNB itself remained relatively steady, trading near $660–$670 .

5. Strategy & Significance

Nano Labs is blending traditional finance (convertible notes) with crypto diversification, expanding beyond Bitcoin to include BNB in its treasury .

This marks one of the largest-ever BNB accumulations by a publicly traded company, signaling strong institutional interest in altcoins .

Changpeng “CZ” Zhao confirmed that neither he nor Binance-affiliated entities participated, though they remain supportive .

🔍 Why It Matters

Owning 5–10% of circulating BNB supply represents a massive strategic stake, potentially giving Nano Labs significant influence and further legitimizing BNB as a treasury asset.

The execution risk remains: the full $1 B buy isn’t guaranteed—it’s contingent on closing the note issuance and subsequent market purchases.

This could be a precedent: other corporations may soon build altcoin-based treasuries, following the Bitcoin playbook.

🧭 What to Watch Next

Factor What to Monitor

Progress toward $1 B Will Nano raise the remaining ~$450 M in notes/private placements?

Stock Performance How market sentiment reacts to future BNB buys.

BNB Market Reaction Will institutional demand tighten supply and boost price?

Regulatory Exposure As exposures grow, so might global scrutiny.

Bottom Line:

Nano Labs is pioneering a bold, almost unprecedented altcoin treasury strategy—first $BNB

50M in BNB, with eyes on $1B and 5–10% supply. It’s reshaping perceptions of how public companies can hold and influence crypto assets.