Nano Labs (NA), a Nasdaq-listed chipmaker, snapped up about $50 million value of Binance’s BNB
token as it really works towards a objective of proudly owning as much as 10% of the total supply.
The Hong Kong-based firm mentioned it bought 74,315 BNB in an over-the-counter deal at a mean value close to $672.45, lifting its complete digital asset reserves, together with bitcoin
, to round $160 million.
The acquisition marks the primary main step in Nano Labs’ plan to allocate as a lot as $1 billion to BNB, funded partly by means of $500 million in convertible notes.
Nano Labs’ shares fell 4.7% on Thursday, and slipped one other 2.15% after hours to $8.20.
The corporate isn’t alone in trying to accumulate BNB as a treasury reserve asset. A bunch of former hedge-fund executives late final month revealed plans to raise $100 million to purchase the cryptocurrency by means of a Nasdaq-listed shell firm.