Nasdaq-listed Nano Labs Ltd, with exposure to BNB token, saw shares rise 7% on a $25 million share repurchase program. Despite this, stock remains down 40% YTD, contrasting Binance’s recent ATH of $1,370. The buyback allows repurchase of up to $25 million over the next 12 months.

Funding for the repurchase will come from existing cash reserves and crypto asset liquidation. Shares have fallen 37% YTD with a market cap around $130 million. The company plans to buy back shares through open market transactions, privately negotiated deals, or block trades.

Nano Labs entered a $500 million convertible note agreement to acquire BNB and aims to control 5-10% of its circulating supply. CEO Jianping Kong purchased 480,000 Class A shares, showcasing confidence in the firm. The company continues to invest in BNB as the altcoin claimed the 3rd spot in the market.

Aside from the BNB strategy, Nano Labs is strengthening its Web3 infrastructure footprint. It signed agreements with Maxim Group LLC for up to $45 million in share sales, and TradeUP Securities to tokenize US equities via blockchain. An equity investment was made in CEA Industries Inc., and the company moved from Nasdaq Capital Market to Nasdaq Global Market in September.

Read more at Yahoo Finance: BNB Pivot Backfires? Nano Labs Launches Share Buyback as Stock Bleeds 40%