Chinese Web3 infrastructure-focused firm Nano Labs Ltd has revealed that it has acquired 74,315 Binance Coin (BNB) tokens. It was purchased via an Over-The-Counter (OTC) transaction, meaning it was a private exchange and not on the open exchange. They used approximately $50 million in total. On average, they paid $672.45 per BNB token.
With this move, Nano Labs has now built up around $160 million in reserves of major cryptocurrencies, including both Bitcoin and BNB. The company says this is just the beginning of its strategy to grow its BNB holdings and become a major holder over time.
Nano Labs intends to acquire up to $1 billion of BNB in the future through convertible notes and private transactions. The company has a long-term vision to possess 5% to 10% of the BNB’s total circulating supply.
For context, Nano Labs is a Chinese technology firm developing Web 3.0 solutions. They manufacture high-speed computing chips, such as their proprietary “Cuckoo” series, which rival conventional GPUs. As of writing, the price of BNB is up by 0.91%, trading at $664.10. Its market cap is now at $93.56 billion, an indication of enhanced investor confidence.
Also Read: Nano Labs Secures Initial 600 BTC in $500M Notes Deal for BNB Treasury
