Chinese blockchain firm Nano Labs has entered into a $500 million convertible notes purchase agreement to bolster its BNB token treasury. The company aims to acquire up to $1 billion in Binance’s BNB tokens through convertible promissory notes and private placements. Nano Labs intends to hold 5% to 10% of BNB’s total circulating supply in the long run. The notes will mature in 360 days without accruing interest and can be converted into Class A ordinary shares at an initial price of $20 per share. If not converted, the principal amount will be repaid at maturity. The notes are unsecured, and there is no guarantee of full closure. Following the announcement, Binance co-founder Changpeng Zhao noted the significant rise in Nano Labs' stock, which surged over 106% to $22.50. This interest in BNB is not new, as institutional investors have previously sought to invest in the token, and competition may arise with VanEck's ETF proposal for BNB. Read more AI-generated news on: https://app.chaingpt.org/news