Nano Labs Issues $500M of Notes to Create BNB Treasury
Nano Labs has entered a $500 million convertible notes purchase agreement to fund its BNB token treasury, aiming to acquire up to $1 billion in Binance’s BNB token through convertible promissory notes and private placements. The company plans to hold 5% to 10% of BNB’s total circulating supply. The notes will mature in 360 days with no interest, convertible into Class A ordinary shares at an initial price of $20 per share, subject to adjustment. If not converted, the principal amount will be repaid at maturity. The notes are unsecured, and closing is not guaranteed. Following the announcement, Nano Labs’ stock surged over 106%, trading at $22.50. This initiative follows interest from institutional investors in BNB, with asset manager VanEck seeking approval for a spot ETF that includes BNB.
