Chinese chip designer Nano Labs Ltd. (Nasdaq: NA) revealed plans on Tuesday to sell $500 million in zero-coupon convertible promissory notes, aiming to raise funds for building a substantial BNB (Binance Coin) treasury.
The company stated the notes will mature in 360 days and can be converted into Class A shares at a conversion price of $20 per share. Nano Labs has already secured commitments from investors and may expand the offering to $1 billion, depending on demand.
BNB Joins Corporate Crypto Treasuries
While Bitcoin remains the dominant choice for corporate crypto balance sheets, BNB is beginning to gain interest. According to Nano Labs, this initiative marks a strategic shift, as the firm looks to diversify holdings into Binance’s flagship token.
BNB currently boasts a market capitalization of $93 billion with a circulating supply of 145.9 million. If Nano Labs’ plan scales to $1 billion, it could position the company as a major BNB holder in the corporate space.
Nano Labs Shares Surge 200% on News
Following the announcement, Nano Labs shares surged nearly 200% during U.S. pre-market trading, lifting its market cap to over $181 million, based on data from Yahoo Finance.
Founded by former executives of Bitcoin miner Canaan, Nano Labs went public in 2022. This new move aligns with a broader industry trend, as firms increasingly explore cryptocurrencies beyond Bitcoin for balance sheet management.
Growing Interest in BNB Among Corporates
Nano Labs is not alone in targeting BNB. Just a day earlier, former Coral Capital Holdings executives launched Build & Build Corporation, a venture aiming to raise $100 million to acquire BNB and pursue a public listing.
Also Read: BNB Price Rally: Binance Coin Targets $700 as Bullish Momentum Strengthens
These moves highlight a growing appetite for corporate BNB treasuries, even though Bitcoin and Ethereum still dominate this niche.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
