China’s Nano Labs, a prominent player in Web3 infrastructure, has announced a significant strategic move involving a $500 million convertible note agreement aimed at amassing up to $1 billion worth of Binance Coin (BNB).
Key Highlights:
Nano Labs has initiated this plan through a convertible note deal focused on acquiring BNB.
The success of this agreement is not guaranteed, resting on typical closing conditions.
The firm’s target is to secure 5-10% of BNB’s circulating supply as part of its expansive digital asset initiative.
In a press release issued on Tuesday, Nano Labs revealed details regarding the convertible promissory notes purchase agreement it has struck with a group of undisclosed investors.
These notes are slated to mature in 360 days, and importantly, they are interest-free. Investors will have the option to convert the debt into shares of Nano Labs’ Class A ordinary shares at a predetermined price of $20 per share, which may be subject to adjustments.
It is noteworthy that the notes are unsecured, and the repayment is expected unless the debt is converted prior to maturity.
Conditional Closure for the Agreement
Nano Labs has indicated that the finalization of the agreement depends on meeting standard contractual conditions, underscoring the uncertainty surrounding the completion of the transaction.
This capital raise marks a pivotal progression in the company’s strategy to enhance its footprint in the digital assets arena.
Of particular interest, Nano Labs intends to perform a thorough assessment of BNB’s potential uses, network security implications, and its long-term worth.
The funds generated will be allocated for acquiring BNB through a combination of convertible notes and private placements.
The company’s goal, as articulated in the announcement, is to amass between 5% and 10% of the total circulating supply of BNB, a target that would place Nano Labs among the largest known holders of the cryptocurrency beyond Binance itself.
Announcement#NanoLabs has entered into a $500M convertible notes purchase agreement to launch our $BNB Strategic Reserve. $NA
https://t.co/bj4nbzDUrq pic.twitter.com/i3ezU3MrcV
— Nano Labs (@NanoLabsLtd) June 24, 2025
While the company has not indicated a specific timeline for its complete BNB acquisition, it has suggested that this initial financing is just the first phase of a broader digital asset strategy.
Nano Labs operates within China’s expanding Web3 domain, specializing in blockchain infrastructure and product services.
The firm’s strategic decision aligns with a notable uptick in institutional interest surrounding certain altcoins.
Recently, Interactive Strength, a fitness technology company listed on Nasdaq, unveiled plans to raise $500 million for a Fetch.ai token treasury, signaling ongoing interest in selective altcoin investments.
Blockstream CEO Calls for Reassessment of Altcoin Investments
In a recent post on X, Back commented, “TSRY SZN is the new ALT SZN,” indicating a shift in investor sentiment as Bitcoin-centric companies gain prominence.
His remarks resonate with the increasing demand from institutions for Bitcoin. As reported by BitcoinTreasuries.NET, the number of publicly traded companies holding BTC has surpassed 240, nearly doubling in recent weeks and accounting for close to 4% of the total Bitcoin supply.
The growth in corporate Bitcoin adoption is evident, with Nasdaq-listed Mercurity Fintech Holding announcing an $800 million capital raise aimed at creating a long-term Bitcoin reserve on June 12. Just days prior, France’s Blockchain Group revealed plans to secure $340 million for a similar initiative.
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