Nano Labs, the Chinese Web 3.0 infrastructure provider, has just made a bold move by acquiring $50 million worth of BNB, the native cryptocurrency of the BNB Chain. This acquisition is part of their grand strategy to build a $1 billion BNB reserve. As of now, their total digital asset reserves, including Bitcoin (BTC) and BNB, have ballooned to approximately $160 million. Not bad, right?
$50 Million in BNB, 74,315 Coins
In a press release, Nano Labs confirmed that it purchased a total of 74,315 BNB at an average price of $672.45 per coin. The transaction was conducted through an over-the-counter (OTC) deal, so no dramatic exchanges here. The purchase represents the company’s first move in its larger goal to hold between 5% and 10% of BNB’s total circulating supply. That's a lot of coins.
A $1 Billion BNB Reserve
Nano Labs isn’t just dabbling in BNB, it’s aiming for the stars. Their ultimate goal? To build a $1 billion BNB reserve. This bold move aligns with their earlier launch of a $500 million convertible notes offering, which can be converted into Class A shares at $20 per share. Nano Labs is playing the long game here, planning to secure a massive stake in BNB’s future.
It’s worth noting that Nano Labs isn’t the only one looking to diversify with BNB. Earlier this year, Bhutan’s Gelephu Mindfulness City (GMC) also included BNB in its digital asset reserves, alongside Bitcoin and Ethereum. This is part of a wider trend where companies are seeking to add more variety to their reserves beyond just the big two cryptocurrencies.
The Market Reaction
Despite the excitement over Nano Labs' BNB acquisition, the company’s stock prices have not reacted well.
Since the announcement, the stock has dropped by 4.7% at market close, and the decline continued in after-hours trading, with a further 2.1% dip. Talk about a rough patch.
However, BNB has remained steady. The altcoin rose 0.19% over the past day to trade at $660, and it’s up 2.6% over the past week. So while Nano Labs’ stock may be tumbling, the BNB treasury acquisition hasn’t seemed to hurt the token itself.
So, will this $50 million purchase pay off for Nano Labs in the long run? Time will tell, but with a $1 billion reserve goal, it looks like they’re in it for the long haul.
Gunel Ismayilova
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