Nano Labs Secures $500 Million to Accumulate Up to 10% of BNB Supply

China-based Web3 infrastructure firm Nano Labs has entered into a $500 million convertible note agreement as part of a broader strategy to accumulate Binance Coin (BNB) holdings worth up to $1 billion. The company announced that it has signed a convertible promissory notes purchase agreement with several unnamed investors. The notes mature in 360 days and carry no interest. Investors will have the option to convert the debt into Nano Labs’ Class A ordinary shares at a fixed price of $20 per share, subject to adjustment. The notes are unsecured and repayment is due unless converted before maturity.

The closing of the agreement remains contingent on customary conditions and there is no certainty the transaction will be completed in full. The capital raise marks a major step in the company’s effort to deepen its exposure to digital assets. In particular, Nano Labs plans to conduct a comprehensive evaluation of BNB’s utility, network security, and long-term value. It intends to use the proceeds to acquire BNB through a mix of convertible notes and private placements. According to the announcement, Nano Labs ultimately aims to hold between 5% and 10% of BNB’s total circulating supply, a significant target that would position the company among the largest known holders of the token outside of Binance itself.

While no timeline was given for the full BNB accumulation plan, the company indicated that the current financing represents only the first stage of a larger digital asset strategy. Nano Labs operates in China’s growing Web3 sector, providing blockchain infrastructure and product solutions. The move by Nano Labs comes amid rising institutional interest in specific altcoins. Just recently, a Nasdaq-listed fitness tech firm announced plans to raise $500 million to create a Fetch.ai token treasury, suggesting that selective altcoin bets still hold appeal.

Despite the rising interest in altcoin treasuries, the CEO of a prominent blockchain company believes the era of altcoin speculation has ended, advising investors to rotate into Bitcoin or Bitcoin treasury stocks instead. In a recent post, he stated, “TSRY SZN is the new ALT SZN,” signaling a shift in sentiment as BTC-focused companies gain traction. The momentum behind corporate Bitcoin adoption continues to grow. On June 12, a Nasdaq-listed fintech holding announced an $800 million raise to establish a long-term Bitcoin reserve. Days earlier, a France-based blockchain group revealed plans to raise $340 million for a similar move.

Nano Labs’ strategy to accumulate BNB through convertible notes and private placements is a significant move in the digital asset space. The company’s goal to hold between 5% and 10% of BNB’s total circulating supply indicates a strong commitment to the token and its ecosystem. This move aligns with the broader trend of institutional interest in specific altcoins, as seen with the recent announcements by other companies. However, the shift in sentiment towards Bitcoin treasuries, as advised by the CEO of a prominent blockchain company, suggests that the landscape for altcoin investments may be evolving. Nano Labs’ strategy, while ambitious, reflects the growing interest and investment in the digital asset sector, particularly in the Web3 infrastructure space.