Nano Labs Stock Soars on Plan to Acquire $1 Billion of Binance Coin: Investors Eye Long-Term Strategy for Growth

Hong Kong-based chipmaker Nano Labs announced on Tuesday that it plans to sell $500 million in interest-free convertible notes to purchase $1 billion worth of Binance Coin (BNB) cryptocurrency. The news caused the company's shares to double, reaching their highest level in two years. The convertible notes, which will mature in 360 days, allow investors to turn them into Nano Labs shares at a conversion price of $20 each. Several investors have already agreed to subscribe to the notes. Nano Labs' long-term goal is to own 5% to 10% of all BNB in circulation. The company plans to use the money raised from the convertible notes, along with private funding, to make its BNB acquisition. BNB is the world's fifth-largest cryptocurrency, with a market cap of about $90 billion.

• Nano Labs shares doubled on Tuesday after announcing its plan to purchase $1 billion worth of Binance Coin (BNB).
• The company will offer $500 million in interest-free convertible notes that can be converted into Nano Labs shares at a price of $20 each.
• Nano Labs' long-term goal is to own 5% to 10% of all BNB in circulation.
• The price of BNB increased by about 2.7% in response to the news.

Nano Labs explained that the offering "marks an important step in the Company’s strategic growth." It added that its long-term strategy is "to hold 5% to 10% of BNB’s total circulating supply."

Investors should keep an eye on Nano Labs' progress as it continues to pursue its goal of owning a significant portion of the BNB cryptocurrency market.