BNB Over Bitcoin? Chinese Company's Stock Skyrockets on $1 Billion Crypto Treasury Plan
Nano Labs plans to purchase $1 billion worth of BNB, aiming to hold 5% to 10% of its total circulating supply, valued between $4.7 billion and $9.4 billion. Following the announcement, Nano's stock surged from $10.89 to $29.18, closing at $14.85, a 64.8% increase. The initial acquisition will involve $500 million funded by convertible promissory notes, convertible into Class A shares at $20 each after 360 days. The trend of publicly traded companies investing in cryptocurrencies is expanding beyond Bitcoin to include assets like BNB, Solana, and XRP. BNB, the native token of Binance, is the fifth-largest cryptocurrency by market cap at $93.9 billion. Interest in BNB is rising on Wall Street, with crypto hedge fund executives planning to raise $100 million for the token. Binance founder Changpeng Zhao commented on the positive impact of Nano's announcement on its stock price.
