Nano Labs Invests $500M in Binance Coin (BNB) for Its Treasury Reserve

Nasdaq-listed crypto infrastructure firm, Nano Labs, has announced a $500 million convertible note deal for acquiring Binance Coin (BNB) as a strategic treasury reserve. This is a significant shift for the Hong Kong-based company, which previously prioritized Bitcoin (BTC) as its reserve asset, purchasing $5.5 million worth of BTC last year.

Funding for the BNB acquisition will come from convertible notes maturing in 360 days, to be converted into Nano Labs shares at $20 each. The company also plans to apply for Hong Kong stablecoin licenses and aims to create frameworks for BTC and BNB. These moves position Nano Labs at the center of Hong Kong's growing regulated crypto market. Following the announcement, Nano Labs' stock surged by 163% in pre-market trading.