Key Highlights:
- Nano Labs to raise $500 million through zero-coupon convertible notes to buy BNB.
- Notes are convertible into Class A shares at $20 each, maturing in 360 days.
- Potential expansion of the fund could allow up to $1 billion worth of BNB purchases.
Nano Labs Makes Bold Bet on BNB
Chinese semiconductor company Nano Labs has announced plans to raise $500 million by issuing zero-coupon convertible promissory notes. The capital will be used to build a treasury of BNB, the native token of Binance. The notes will mature in 360 days and may be converted into Nano Labs’ Class A shares at $20 apiece. According to the company, subscriptions have already been secured from several investors. If demand persists, the offering could be expanded, potentially allowing for up to $1 billion worth of BNB purchases.A Rare BNB Treasury Move
While Bitcoin remains the top choice for corporate crypto holdings, Nano Labs is choosing BNB, making it one of the few firms to do so. Earlier this week, a new firm called Build & Build Corporation, led by ex-Coral Capital Holdings executives, also revealed plans to raise $100 million for BNB acquisition. Nano Labs’ stock surged nearly 200% in U.S. pre-market trading following the announcement. The company, listed on Nasdaq and founded by former Canaan executives, went public in 2022.
Read the full article on
theblock.
