Nano Labs (NA), a Nasdaq-listed chipmaker, purchased approximately $50 million worth of Binance’s BNB token as it aims to own as much as 10% of the total supply.
The Hong Kong-based company stated it acquired 74,315 BNB in an over-the-counter deal at an average price near $672.45, increasing its total digital asset reserves, including bitcoin, to around $160 million.
The purchase represents the first significant step in Nano Labs’ strategy to allocate up to $1 billion to BNB, funded partly through $500 million in convertible notes.
Nano Labs’ shares fell 4.7% on Thursday and dropped another 2.15% after hours to $8.20.
It is not the only entity looking to accumulate BNB as a treasury reserve asset. A group of former hedge-fund executives recently revealed plans to raise $100 million to purchase the cryptocurrency through a Nasdaq-listed shell company.
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