Nano Labs plans to buy $1 billion worth of Binance Coin, causing stock to rise

From Yahoo Finance: 2025-06-24 09:54:00

Nano Labs announced its plan to purchase $1 billion worth of Binance Coin (BNB) by offering $500 million in convertible notes. The Hong Kong-based chipmaker aims to own 5-10% of all BNB in circulation. Shares of Nano Labs doubled, reaching a two-year high, while BNB price rose 2.7%.

The convertible notes will mature in 360 days, with a conversion price of $20 per share, nearly double the previous closing price. Nano Labs plans to use the funds raised to acquire BNB, part of its strategic growth plan. Investors can convert notes into Class A shares.

Several investors have already committed to subscribing to the convertible notes. Nano Labs sees the offering as a crucial step in its strategic growth, aiming to hold a significant portion of BNB’s total circulating supply. BNB, the fifth-largest cryptocurrency, has a market cap of around $90 billion according to CoinMarketCap.

Read more: Nano Labs Stock Skyrockets on Plan to Buy $1 Billion of Binance Coin