Nano Labs Makes First Purchase In Lofty BNB Stockpile Plan
Nano Labs has initiated a plan to acquire up to 10% of the total circulating supply of BNB, starting with a $50 million purchase. The company aims to invest up to $1 billion in BNB, increasing its holdings to approximately $160 million in BNB and Bitcoin. Founded in 2019, Nano Labs focuses on high-throughput computing chips and went public in 2022. Despite an initial stock price surge of over 106% following a convertible notes announcement, the stock fell by more than 4.7% after the recent BNB acquisition. BNB's market cap is $93.4 billion, with a circulating supply of 145,887,575 coins. Acquiring 10% of the current supply would cost around $926 million. Concerns about the sustainability of corporate crypto treasuries have been raised, with some investors questioning the value of investing in companies holding crypto assets instead of directly purchasing them.
