đł Nano Labs Acquires 74,000 BNB â Can $50M Injection Fuel the Next Move?
On Thursday, Nano Labs bought 74,315 BNB for $50 million.
The acquisition increases its Bitcoin and BNB reserve to $160 million.
BNB hopes to break $660 after the news.
On Thursday, Nano Labs said it bought 74,315 BNB for $50 million, increasing its treasury reserve to $160 million, which includes Bitcoin. BNB maintained steady at $660.
Nano Labs creates $50M BNB treasury
Nasdaq-listed Nano Labs (NA) added 74,315 BNB to its digital asset treasury portfolio for $50 million.
OTC purchases averaged $672.45. Nano Labs has $160 million in Bitcoin and BNB in its digital asset treasury.
Nano Labs' BNB purchase follows a $500 million private placement and convertible notes offering in June and promises to create a $1 billion BNB treasury. Long term, the corporation plans to keep 5%â10% of BNB's circulating supply.
BNB is Binance Smart Chain's native token and the fifth-largest cryptocurrency by market valuation.
Nano Labs isn't the only BNB treasury creator. Build & Build Corporation, a Nasdaq-listed business led by former Coral Capital executives Patrick Horsman, Joshua Kruger, and Johnathan Pasch, aims to fund $100 million for a BNB treasury.
Strategy's (MSTR) Bitcoin blueprint is being followed by many firms launching altcoin-focused treasury reserves. Crypto treasuries for Ethereum (ETH), Solana (SOL), and Hyperliquid have been created by numerous publicly traded corporations since January.
BNB sustained support around $645, boosted by the 50-day Exponential Moving Average (EMA), after the news and is targeting $660. If BNB breaks out of this area, it might target $680 declining trendline resistance. However, a drop below $645 might push it below $615.
