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By Francisco Rodrigues|Edited by Sheldon Reback
Jul 4, 2025, 10:43 a.m.
- Nano Labs bought $50 million worth of Binance’s BNB token, acquiring 74,315 BNB at an average price of $672.45.
- The purchase is part of a plan to allocate up to $1 billion to BNB, funded in part by $500 million in convertible notes, and brings Nano Labs’ total digital asset reserves to around $160 million.
Nano Labs (NA), a Nasdaq-listed chipmaker, snapped up about $50 million worth of Binance’s BNB
token as it works toward a goal of owningas much as 10% of the total supply.
The Hong Kong-based company said it bought 74,315 BNB in an over-the-counter deal at an average price near $672.45, lifting its total digital asset reserves, including bitcoin
, to around $160 million.
STORY CONTINUES BELOW
The purchase marks the first major step in Nano Labs’ plan to allocate as much as $1 billion to BNB, funded partly through $500 million in convertible notes.
Nano Labs’ shares fell 4.7% on Thursday, and slipped another 2.15% after hours to $8.20.
The company isn’t alone in looking to accumulate BNB as a treasury reserve asset. A group of former hedge-fund executives late last month revealed plans to raise $100 million to buy the cryptocurrency through a Nasdaq-listed shell company.
Francisco is a reporter for CoinDesk with a passion for cryptocurrencies and personal finance. Before joining CoinDesk he worked at major financial and crypto publications. He owns bitcoin, ether, solana, and PAXG above CoinDesk’s $1,000 disclosure threshold.
