Nano Labs has acquired $50 million worth of Binance's BNB token, purchasing 74,315 BNB at an average price of $672.45. This acquisition is part of a broader strategy aiming to invest up to $1 billion in BNB, which is partly financed by $500 million in convertible notes. Following this investment, Nano Labs' total digital asset reserves have increased to approximately $160 million. The deal, conducted over-the-counter, constitutes a significant move for the Hong Kong-based firm, known for its chip manufacturing. In the wake of this news, shares of Nano Labs dropped 4.7%, continuing to decline by an additional 2.15% in after-hours trading, settling at $8.20. The company is not the only entity looking to accumulate BNB; a group of former hedge fund executives is also planning to acquire the cryptocurrency through a publicly listed shell company.

Source đź”—