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- Nano Labs is putting $500 million into BNB with convertible notes, aiming for major supply share.
- The stock jumped over 106% after the deal news, despite no collateral and uncertainty surrounding the finalization.
Nano Labs, a China-based blockchain infrastructure company, has committed $500 million to purchase Binance’s BNB token through a private placement deal using convertible promissory notes. The agreement is part of a broader plan to expand its holdings in BNB to a significant share of the token’s total circulating supply.
The company stated that its long-term target is to have control over 5% to 10% of the entire BNB supply. The purchase mechanism is through convertible notes bearing zero interest and with maturity to occur 360 days after the issue date. Convertible notes are redeemable against Class A ordinary Nano Labs shares within the maturity period.
The conversion price has been set at $20 per share, but it may vary. In case of non-conversion until the maturity date, Nano Labs will have to repay the full principal amount. No collateral support for the notes is there, and Nano Labs signaled that the entire settlement of the transaction isn’t guaranteed.
Wider Institutional Interest in BNB
The announcement boosted Nano Lab stock by more than 106% within a day of trade. From the preceding day’s close of $10.90, the stock gained to $22.50 during the day.
Former Binance CEO and co-founder Changpeng “CZ” Zhao made the announcement on social media, referencing the sharp rise in Nano Labs’ stock price. He also clarified that neither he nor any related entities were involved in the funding round, but said he continues to support Nano Labs.
Nano Labs Ltd (Nasdaq: NA) becomes a $BNB-only strategic reserve public co, bringing $500 million to BNB. 👏
Their stock price went through the roof. We (my affiliated entities) did not participate in this round, but remain extremely supportive.
Not financial advice! https://t.co/2ULQ6NGDBG
— CZ 🔶 BNB (@cz_binance) June 24, 2025
Other institutional investors have been showing considerable interest in buying BNB in the past. Managers at a digital asset hedge fund were reported to be securing a $100 million funding round, only for BNB earlier this month. Meanwhile, an American asset management company, VanEck, submitted an application to authorities, seeking to launch a spot ETF for BNB.
Shifting Crypto Treasury Strategy
Nano Labs is not entering the crypto reserve market for the very first time. Previously, during the year, one of the company’s subsidiaries bought $30 million worth of Bitcoin, with an average cost of $99,700 per unit. The present BNB investment is a sign of the company’s overall strategy to build a diversified crypto treasury.
Other companies are also stepping up their digital asset acquisitions. SharpLink Gaming recently announced a near-half-billion-dollar entry into Ethereum as a reserve holding. Consensys CEO Joe Lubin endorsed the deal. Webus, a Chinese ride-sharing service, recently announced an intent to acquire $300 million of XRP. Saudi-backed VivoPower is looking to acquire $121 million of XRP.
This push by companies into multiple digital assets suggests a shift in how corporate treasuries view cryptocurrencies. While Bitcoin was once the main choice, interest has now broadened to include Ethereum, XRP, Solana, and BNB.
