Nano Labs Plans $1 Billion BNB Reserve Amid Institutional Interest

Changpeng Zhao, the former CEO and founder of Binance, has expressed enthusiasm for the increasing institutional interest in BNB, as more companies explore the token as a reserve asset. In a recent post, Zhao commended Nano Labs, a China-based cryptocurrency-mining chip designer, for its strategic plan to establish a BNB-focused reserve. Nano Labs announced a $500 million convertible note raise, with intentions to acquire up to $1 billion worth of BNB over time, aiming to hold 5% to 10% of BNB’s total circulating supply as a long-term treasury asset.

Zhao clarified that neither he nor any affiliated entities participated in the raise but praised the move as a significant endorsement of BNB’s future. This support follows a similar initiative by former Coral Capital Holdings executives, who were reported to be raising $100 million through a Nasdaq-listed entity to accumulate BNB as part of an institutional reserve strategy. Zhao’s comments suggest that more institutions globally are considering similar strategies, potentially marking a turning point for the token.

Institutional adoption has been a key driver in Bitcoin’s rise, and a similar trend may be emerging for BNB. However, BNB’s ties to Binance have historically raised concerns about its decentralization and distribution, leading to investor skepticism. Despite these challenges, the recent institutional interest could foster greater adoption, helping BNB establish an identity independent of Binance. While BNB’s growth has lagged behind its peers in recent times, the growing corporate reserve interest may signal a shift in its market trajectory.