Nano Labs Takes Big Step in BNB Acquisition Strategy
After announcing plans to buy up to $1 billion in BNB,Nano Labs has made its first move. The company purchased $50 million worth of BNB in a private deal. This off-exchange transaction shows Nano Labs is playing a long game, which could affect BNB’s market liquidity.
On July 3, Nano Labs confirmed it bought 74,315 BNB tokens at an average price of $672.45 each. This purchase boosts the company’s crypto reserves to about $160 million. The move is part of Nano Labs’ strategy to hold 5% to 10% of BNB’s circulating supply.
Nano Labs is changing its business model. The $50 million BNB purchase is more than just a financial move. It’s a shift away from the volatile hardware sector. The company’s iPollo mining chips saw a 39% drop in the second half of 2024. Revenue fell to $2.2 million, a 39% year-over-year decline.
But the company’s crypto pivot looks like a survival strategy. Nano Labs already holds 400 BTC, worth $40 million. This latest BNB buy expands that strategy. The company plans to buy up to $1 billion more BNB through zero-interest convertible notes.
Nano Labs aims to corner the BNB market. The token powers one of crypto’s most active blockchains but trades at a 20% discount due to Binance’s regulatory issues. If Nano Labs can amass 5-10% of BNB’s supply, it could force a reevaluation of the token’s institutional viability. This playbook echoes Strategy’s bitcoin bet. Though, Nano Labs targets BNB’s utility. BNB’s value lies in the BNB Smart Chain’s ecosystem. The token’s 18% year-to-date gain is less than Cardano’s 45% and Tron’s 121%, showing lingering skepticism. former Coral Capital executives are also raising $100 million to hoard BNB, aiming to rebrand it as a corporate reserve asset. Their pitch mirrors Nano Labs’ logic: BNB’s value is in its ecosystem,not Binance’s legal troubles.
