Just a Week After Announcing BNB Treasury Plans, Nano Labs Buys $50M in BNB
Key Points:
- Nano Labs has invested $50 million in BNB as part of its new treasury initiative.
- The company aims to eventually build a $1 billion BNB reserve.
- BNB’s price rose nearly 2% following the news, now trading at $663.
Nano Labs, a Nasdaq-listed company based in China, has officially started its BNB treasury operations with the purchase of 74,315 BNB in an over-the-counter deal. The average price per token was $672.45, totaling $50 million. This acquisition pushes Nano Labs’ digital asset portfolio value to around $160 million, with a focus now shifting primarily toward Binance Coin (BNB), alongside its existing Bitcoin holdings.
The move aligns with the company’s earlier announcement in June about transforming into a BNB Treasury entity. As part of its strategy, Nano Labs plans to raise up to $500 million through private placements and convertible notes. Ultimately, it aims to hold 5% to 10% of BNB’s circulating supply.
Following the announcement, Nano Labs’ stock dipped 9.66% in a day, settling at $7.95. However, over the past month, the stock has surged by 109%, fueled by growing investor interest in its crypto treasury strategy.
Altcoins Gaining Ground in Corporate Treasuries
While Bitcoin remains the top choice for corporate treasuries, altcoins are gaining traction. SharpLink Gaming leads in Ethereum holdings with 188,478 ETH, and BitMine recently raised $250 million to begin an ETH treasury.
Solana is also drawing corporate interest. DeFi Development Corp has committed $112.5 million to expanding its SOL holdings, with companies like Upexi and MemeStrategy also increasing their SOL portfolios—mirroring their earlier Bitcoin investments.
Despite growing interest in altcoins, Bitcoin-focused treasury strategies still dominate. Last week alone, companies led by Strategy bought 5,898 BTC, spending over $500 million.
