Nano Labs Buys $50M BNB

Nano Labs Ltd (NASDAQ: NA) began Thursday sharply down, as the Hong Kong-based company, boasting that is a leading Web 3.0 infrastructure and product solution provider in China, today announced the purchase of 74,315 Binance Coin (BNB) tokens through the OTC (Over-The-Counter) format at an average price of approximately US$672.45, with a total transaction value of about US$50 million.

Following this transaction, the Company’s cumulative reserve of mainstream digital currencies, including Bitcoin and BNB, has around US$160 million, marking a successful initial step in Nano Labs’ BNB strategic plan and underscoring its commitment to increasing BNB holdings over time.

The Company committed to thoroughly evaluating the security and long-term value of BNB, aiming to acquire up to US$1 billion worth of BNB through convertible notes and private placements in the initial phase. Over the long run, Nano Labs intends to hold 5% to 10% of BNB’s total circulating supply.

Nano Labs is committed to the development of high throughput computing chips and high-performance computing chips.

Nano Labs has built a comprehensive flow processing unit architecture which offers solution that integrates the features of both HTC and HPC. In addition, it has established Bitcoin value investment and adopted Bitcoin as primary reserve asset.

Nano Labs has established an integrated solution platform covering three main business verticals, including HTC solutions and HPC solutions.

NA shares caved 81 cents, or 9.2%, to $7.99.