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A Nasdaq-Listed Stock Surges More Than 100% After Unveiling $1 Billion BNB Token Buying Plan
Nano Labs plans to sell $500 million in convertible notes to accumulate Binance’s BNB, aiming to own 5%-10% of its circulating supply.

What to know:
- Nano Labs is raising $500 million through convertible notes to purchase BNB, with an initial plan to accumulate $1 billion of the cryptocurrency.
- The company aims to acquire 5%-10% of BNB’s circulating supply through note sales and private placements over the long term.
- Nano Labs will assess BNB’s security and value before finalizing the investment.
Nano Labs (NA), a Nasdaq-listed designer of high-throughput computing chips, has struck a private agreement to sell $500 million in convertible notes that mature in 360 days to buy Binance's BNB {{BNB}} token for its balance sheet.
The unsecured notes will carry no coupon and can be swapped at any time for the company’s Nasdaq-traded Class A shares at an initial price of $20. If investors hold to term, Nano Labs must repay the principal in full.
The firm said in a press release that the raise is the first step in a treasury program built around Binance’s BNB.
The company intends to buy as much as $1 billion in BNB through note sales and other private placements, with a long-term goal of owning 5%–10% of the token’s circulating supply. BNB’s total market capitalization currently stands at $90.3 billion.
Nano Labs will evaluate BNB’s security and value before making the move. The firm pointed out that the agreement isn’t yet closed.
Nano Labs’ shares surged more than 100% since the announcement was made to now trade at $22.
Its press release comes shortly after a group of former hedge fund executives revealed plans to raise $100 million to buy BNB through a Nasdaq-listed shell company.
Francisco Rodrigues
Francisco is a reporter for CoinDesk with a passion for cryptocurrencies and personal finance. Before joining CoinDesk he worked at major financial and crypto publications. He owns bitcoin, ether, solana, and PAXG above CoinDesk's $1,000 disclosure threshold.

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