Nano Labs, a China-based Web3 infrastructure and chip solutions company, has announced a significant strategic investment to build a large BNB reserve. Through a $500 million private convertible notes agreement, the firm aims to acquire up to $1 billion worth of BNB tokens over time.
This initiative is part of Nano Labs' broader goal to control between 5% and 10% of the total circulating supply of BNB, Binance's native coin. The unsecured convertible notes mature in 360 days, accrue no interest before maturity, and are convertible into Class A ordinary shares starting at $20 per share, subject to adjustment.
Nano Labs plans to use proceeds not only from this notes issuance but also from other private placements to fund an aggressive BNB accumulation strategy. This move represents one of the largest institutional commitments to a public blockchain asset's native token by a publicly traded company.
By incorporating BNB into its reserve assets alongside Bitcoin, Nano Labs is diversifying and strengthening its digital asset reserves. The company will also monitor BNB’s market performance and ecosystem development as part of its ongoing risk management.
Binance founder Changpeng Zhao (CZ) has publicly supported Nano Labs’ initiative, emphasizing BNB's status as a public blockchain asset independent of Binance Holdings or its exchange platform. This institutional-level interest reflects growing credibility and adoption for BNB and indicates a maturing market for blockchain assets.
Should Nano Labs succeed in acquiring 10% of BNB’s circulating supply, it could lead to shifts in liquidity and valuation dynamics, impacting market conditions and potentially encouraging further institutional involvement in blockchain assets.