This Chinese Company is Buying a Lot of BNB, Aims to Own $1 Billion Worth – Crypto News – Crypto News
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This Chinese Company is Buying a Lot of BNB, Aims to Own $1 Billion Worth This Chinese Company is Buying a Lot of BNB, Aims to Own $1 Billion Worth

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This Chinese Company is Buying a Lot of BNB, Aims to Own $1 Billion Worth – Crypto News

Published

7 months ago

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This acquisition from Nano Labs comes following their accumulation of Bitcoin, which is also part of their corporate treasury.

According to the most recent data from BitcoinTreasures, the company has exactly 1,000 BTC stashed, ranking it 31st in the list of corporate treasuries holding the leading asset.

A New Crypto Asset For Corporate Treasures

Nano Labs Ltd., a Chinese company specializing in the production of mining chips and Web3 infrastructure, which is publicly traded on the NASDAQ, has shared a press release stating that it has purchased 74,315 Binance Coin (BNB).

The price per coin averaged $672.45, and the total transaction is valued at about $50 million.

The native token of the leading crypto exchange is currently the fifth-largest by market cap, according to current CoinGecko data, hovering around the $100 billion mark.

CryptoPotato recently reported on Nano Labs’ intention to acquire BNB through a $500 million convertible note deal.

Encouraging the initiative, Binance founder Changpeng Zhao (CZ) disclosed that neither he nor any of his affiliates took part in the fundraiser, though he “remains extremely supportive.”

The company also plans to apply for a stablecoin license in Hong Kong and has specifically mentioned building regulatory frameworks for BTC & BNB.

With this purchase, their total reserve of digital currencies is around the $160M mark, which includes Binance Coin and Bitcoin.

This makes Nano Labs the first publicly traded company to hold BNB in its reserves, but others are also following suit.

Before the end of last year, the company also announced that it had begun accepting payments in Bitcoin.

“Nano Labs’ acceptance for payments in Bitcoin aligns with its long-term vision of staying at the forefront of technology advancements and delivering added value to clients worldwide. With this new capability, the Company is positioned to attract a broader range of partners and customers who value progressive financial options.”

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