Nano Labs Ltd announces a $50 million purchase of 74,315 Binance Coin tokens to enhance digital currency reserves.
Quiver AI Summary
Nano Labs Ltd, a prominent Web 3.0 infrastructure provider in China, announced the acquisition of 74,315 Binance Coin (BNB) tokens for around $50 million at an average price of approximately $672.45 each, raising its total digital currency reserves to about $160 million, including Bitcoin and BNB. This purchase is considered a significant initial step in the company's strategy to increase its BNB holdings, with plans to eventually acquire up to $1 billion in BNB through convertible notes and private placements. Nano Labs aims to hold 5% to 10% of the total circulating supply of BNB in the long term. The company specializes in developing high-performance computing solutions and has integrated a flow processing unit architecture to enhance its technology offerings.
Potential Positives
- Nano Labs Ltd successfully purchased 74,315 Binance Coin (BNB) tokens, demonstrating a significant investment commitment with a total transaction value of about US$50 million.
- The Company now boasts a cumulative reserve of approximately US$160 million in mainstream digital currencies, showcasing its strong financial position and strategic asset allocation.
- Nano Labs has outlined a clear strategic plan to acquire up to US$1 billion worth of BNB, indicating a long-term commitment to the cryptocurrency market and potential growth in digital asset holdings.
- The establishment of a proprietary chip series and advanced computing solutions positions Nano Labs as an innovative leader in the Web 3.0 infrastructure space, enhancing its competitive edge and market relevance.
Potential Negatives
- The significant investment of approximately US$50 million in BNB tokens may raise concerns about the company's financial stability, particularly if the value of BNB fluctuates negatively.
- The intent to acquire up to US$1 billion worth of BNB through convertible notes and private placements may imply reliance on external financing, which could jeopardize the company's financial health if they face difficulties in securing such funding.
- The commitment to hold 5% to 10% of BNB's total circulating supply could lead to overexposure in a volatile cryptocurrency market, increasing the risk of substantial financial losses.
FAQ
What was the recent purchase made by Nano Labs?
Nano Labs purchased 74,315 Binance Coin (BNB) tokens for approximately US$50 million.
How much does Nano Labs plan to invest in BNB?
Nano Labs aims to acquire up to US$1 billion worth of BNB through convertible notes and private placements.
What is Nano Labs' cumulative reserve of digital currencies?
The cumulative reserve of mainstream digital currencies held by Nano Labs is around US$160 million.
What technology does Nano Labs focus on?
Nano Labs specializes in high throughput computing (HTC) chips and high performance computing (HPC) chips.
Where can I find more information about Nano Labs?
More information can be found on Nano Labs' official website at ir.nano.cn.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$NA Insider Trading Activity
$NA insiders have traded $NA stock on the open market 4 times in the past 6 months. Of those trades, 1 have been purchases and 3 have been sales.
Here’s a breakdown of recent trading of $NA stock by insiders over the last 6 months:
- BARRY S STERNLICHT sold 811,079 shares for an estimated $17,421,976
- AUSTIN NOWLIN sold 11,743 shares for an estimated $252,239
- JOSEPH NIETO (Chief Financial Officer) sold 2,928 shares for an estimated $62,893
- GEORGE JR PAPPI (President of the Board and CEO) purchased 1 shares for an estimated $58,000
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
Full Release
HONG KONG, July 03, 2025 (GLOBE NEWSWIRE) -- Nano Labs Ltd (Nasdaq: NA) (“we,” the “Company” or “Nano Labs”), a leading Web 3.0 infrastructure and product solution provider in China, today announced the purchase of 74,315 Binance Coin (BNB) tokens through the OTC (Over-The-Counter) format at an average price of approximately US$672.45, with a total transaction value of about US$50 million. Following this transaction, the Company’s cumulative reserve of mainstream digital currencies, including Bitcoin and BNB, has around US$160 million, marking a successful initial step in Nano Labs’ BNB strategic plan and underscoring its commitment to increasing BNB holdings over time.
The Company committed to thoroughly evaluating the security and long-term value of BNB, aiming to acquire up to US$1 billion worth of BNB through convertible notes and private placements in the initial phase. Over the long run, Nano Labs intends to hold 5% to 10% of BNB’s total circulating supply.
About Nano Labs Ltd
Nano Labs Ltd is a leading Web 3.0 infrastructure and product solution provider in China. Nano Labs is committed to the development of high throughput computing (“HTC”) chips and high performance computing (“HPC”) chips. Nano Labs has built a comprehensive flow processing unit (“FPU”) architecture which offers solution that integrates the features of both HTC and HPC. In addition, it has established Bitcoin value investment and adopted Bitcoin as primary reserve asset. Nano Labs has established an integrated solution platform covering three main business verticals, including HTC solutions and HPC solutions. The HTC solutions feature its proprietary Cuckoo series chips, which have become alternative Application-Specific Integrated Circuit (“ASIC”) solutions for traditional GPUs. Nano Lab’s Cuckoo series are one of the first near-memory HTC chips available in the market*. For more information, please visit the Company’s website at: ir.nano.cn .
* According to an industry report prepared by Frost & Sullivan.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s plan to appeal the Staff’s determination, which can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
For investor inquiries, please contact:
Nano Labs Ltd
[email protected]
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email:
[email protected]