Crypto Journalist
Anas Hassan
Crypto Journalist
Anas Hassan
Share
Nano Labs Ltd, a Web3 infrastructure and product solutions provider based in China, announced today the acquisition of 74,315 Binance Coin (BNB) tokens via over-the-counter (OTC) transactions at an average price of approximately $672.45 per token, representing a total investment of roughly $50 million.
The purchase brings the company’s total digital asset reserves, encompassing Bitcoin and BNB holdings, to approximately $160 million, representing a major milestone in Nano Labs’ strategic BNB accumulation plan.
According to a July 3 press release, the Hong Kong-listed company plans to acquire up to $1 billion worth of BNB through convertible notes and private placements during the initial phase.
Nano Labs’ BNB Holdings Position It as First Public Company to Stockpile Binance Coin
In the long term, Nano Labs intends to control between 5% and 10% of BNB’s total circulating supply.
The company previously entered into a $500 million convertible note agreement on June 24 to support BNB accumulation efforts.
At that time, Nano Labs indicated it would perform comprehensive evaluations of BNB’s utility, network security, and long-term investment potential.
Today’s acquisition shows that Nano Labs has completed its assessment and is committed to establishing BNB as a strategic reserve asset.
In the early hours of July 3, Nano Labs released a promotional video showcasing Binance’s nearly eight-year operational history.
The advertisement, which states, “Nano Labs is cheering you on as the big day approaches. Let’s keep building the future together,” has led many observers to believe the company is genuinely convinced of BNB’s utility and value as a reserve asset, potentially making it the first public company to stockpile the ERC-20 token at this scale.
While the company’s crypto treasury includes BNB, it also holds Bitcoin, which has become a standard reserve asset among public companies.
Nano Labs currently ranks 31st among public companies by Bitcoin holdings, maintaining over 1,000 BTC in its treasury.
On June 27, Binance founder Changpeng Zhao (CZ) was observed engaging with Nano Labs on X when it shared its BTC holdings count, inquiring about how many BNB tokens the dollar equivalent would yield.
The company used this interaction to demonstrate its commitment to BNB, responding with “More $BNB loading.”
BNB Price Action: $793 ATH in Sight as Corporate Adoption Surges
At press time, BNB is trading at $658.64, showing minimal daily movement and posting only a 2.11% gain over the past seven days, despite broader market momentum.
The cryptocurrency maintains its position as the fifth-largest digital asset by market capitalization, with a market cap exceeding $92 billion and an average daily trading volume of over $300 million.
As more public companies recognize BNB’s value proposition, the token could potentially break above the $662 resistance level and challenge its December 2024 all-time high of $793.
In January, Bhutan’s Gelephu Mindfulness City (GMC) announced its decision to include BNB in its strategic reserves alongside Bitcoin and Ethereum.
However, since the announcement, the country, known for its pro-crypto initiatives similar to El Salvador, has not disclosed any actual BNB purchases.
By holding BNB, Bhutan could directly participate in the Binance ecosystem, including its suite of DeFi tools, staking opportunities, and blockchain infrastructure.
Nano Labs’ move contributes to the growing trend of crypto adoption as a strategic reserve asset, particularly utility tokens beyond Bitcoin.
For instance, on June 30, BitMine Immersion Technologies announced a $250 million private placement dedicated entirely to accumulating Ethereum (ETH), marking the first major initiative to establish an ETH treasury.
Similarly, on May 28, Upexi, a Solana-focused treasury company, added 56,000 SOL to its holdings, bringing total reserves to 735,692 SOL worth over $110 million at current market valuations.
Credit: Source link