Nasdaq-listed Chinese tech firm Nano Labs has acquired $50 million worth of Binance Coin (BNB) as the inaugural move in its ambitious plan to accumulate up to 10% of the cryptocurrency’s circulating supply. The purchase marks the activation of Nano Labs’ previously announced $1 billion BNB treasury strategy, positioning the company among the largest institutional holders of the token.
The transaction involved 74,315 BNB acquired through over-the-counter (OTC) trading at an average price of $672.45 per token. This brings Nano Labs’ total digital asset reserves—including Bitcoin and BNB—to approximately $160 million. The acquisition follows the company’s $500 million convertible notes offering finalized in June specifically designed to fund BNB accumulation.
Nano Labs aims to eventually control 5-10% of BNB’s total circulating supply, a significant concentration that would make it one of the largest known holders outside Binance itself. As reported by Cointelegraph, this strategic move signals growing institutional confidence in BNB’s long-term value proposition.
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Nano Labs’ Treasury Strategy
The $50 million purchase executes the first phase of Nano Labs’ comprehensive BNB accumulation roadmap. The company plans further acquisitions through a combination of convertible notes and private placements, targeting up to $1 billion in total BNB purchases. This positions Nano Labs to become a major stakeholder in the BNB ecosystem.
Key details of the treasury strategy include:
| Metric | Value |
|---|---|
| Target Treasury Size | $1 billion |
| BNB Supply Target | 5-10% of circulating supply |
| Funding Mechanism | $500M convertible notes + private placements |
| Current Holdings | $160M (BTC + BNB) |
The convertible notes mature in 360 days and carry no interest, with conversion options into Nano Labs shares at $20 per share. The company emphasized ongoing evaluation of BNB’s network security and utility as fundamental to its long-term holding strategy.
BNB Market Position
BNB maintains its position as the fifth-largest cryptocurrency by market capitalization, trading near $660 at the time of Nano Labs’ purchase. The token has demonstrated resilience with trading volumes exceeding $1.5 billion daily amid the acquisition news.
Notably, Nano Labs isn’t alone in establishing dedicated BNB treasuries. Former Coral Capital executives Patrick Horsman, Joshua Kruger, and Johnathan Pasch are concurrently leading a $100 million BNB treasury initiative through a Nasdaq-listed entity planned for rebranding as Build & Build Corporation.
Market Implications
The substantial OTC purchase avoided significant market slippage while demonstrating institutional accumulation methods for large-cap cryptocurrencies. BNB’s price stability following the transaction suggests efficient absorption of the volume by existing liquidity pools.
Nano Labs’ treasury strategy represents a novel approach to corporate cryptocurrency adoption, moving beyond Bitcoin-focused reserves to target ecosystem-specific tokens. The planned 5-10% supply accumulation could introduce new supply dynamics for BNB, potentially reducing circulating liquidity while creating a substantial long-term holding vehicle.
Industry analysts note that successful execution of Nano Labs’ plan would establish unprecedented corporate exposure to a single cryptocurrency outside its issuing entity. The company’s Nasdaq listing adds regulatory visibility to the strategy, potentially influencing other public companies considering similar treasury diversification.
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This institutional accumulation trend signals maturation in cryptocurrency markets, with dedicated treasury vehicles emerging for specific assets beyond Bitcoin. As more corporations target ecosystem tokens, we may see new price support mechanisms develop around fundamental network utility rather than speculative trading patterns.
- BNB
- Binance Coin is the native cryptocurrency of the Binance Smart Chain, used for transaction fees and participation in token sales.
- OTC
- Over-the-counter trading refers to the direct exchange of assets between two parties without the involvement of a centralized exchange.
- Convertible Notes
- A type of debt instrument that can be converted into a predetermined number of the issuer’s equity shares at specific times.
- Treasury
- A company’s reserve of assets, in this context, digital assets held as part of its corporate strategy.
This article is for informational purposes only and does not constitute financial advice. Please conduct your own research before making any investment decisions.
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Editor-in-Chief / Coin Push Dean is a crypto enthusiast based in Amsterdam, where he follows every twist and turn in the world of cryptocurrencies and Web3.