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

This acquisition from Nano Labs comes following their accumulation of Bitcoin, which can be a part of their company treasury.

Based on the newest information from BitcoinTreasures, the corporate has precisely 1,000 BTC stashed, rating it thirty first within the listing of company treasuries holding the main asset.

A New Crypto Asset For Company Treasures

Nano Labs Ltd., a Chinese language firm specializing within the manufacturing of mining chips and Web3 infrastructure, which is publicly traded on the NASDAQ, has shared a press launch stating that it has bought 74,315 Binance Coin (BNB).

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

The native token of the main crypto trade is at present the fifth-largest by market cap, in line with present CoinGecko information, hovering across the $100 billion mark.

CryptoPotato just lately reported on Nano Labs’ intention to amass BNB by means of a $500 million convertible be aware deal.

Encouraging the initiative, Binance founder Changpeng Zhao (CZ) disclosed that neither he nor any of his associates took half within the fundraiser, although he “stays extraordinarily supportive.”

The corporate additionally plans to use for a stablecoin license in Hong Kong and has particularly talked about constructing regulatory frameworks for BTC & BNB.

With this buy, their complete reserve of digital currencies is across the $160M mark, which incorporates Binance Coin and Bitcoin.

This makes Nano Labs the primary publicly traded firm to carry BNB in its reserves, however others are additionally following suit.

Earlier than the top of final 12 months, the corporate additionally announced that it had begun accepting funds in Bitcoin.

“Nano Labs’ acceptance for funds in Bitcoin aligns with its long-term imaginative and prescient of staying on the forefront of expertise developments and delivering added worth to purchasers worldwide. With this new functionality, the Firm is positioned to draw a broader vary of companions and clients who worth progressive monetary choices.”