Nano Labs, a Chinese company specializing in Web3 infrastructure, has acquired 74,315 BNB cryptocurrencies at a value of nearly $50 million. The purchase was made at the Escape Market (OTC) at an average price of $672.45 per BNB.
With this operation, Nano Labs is raising digital asset reserves, including Bitcoin (BTC) and BNB, which already cost around $160 million.. This is the first step in a more ambitious strategy. The company aims to win up to $10 million in BNB through convertible notes and private placements.
According to Nano Labs Its long-term purpose is to own 5% to 10% of the BNB circulation supplynative cryptocurrency of the Binance ecosystem. The plan means withdrawing a significant portion of the total supply from the market, which could put upward pressure on BNB prices in the medium or long term.
The company said it will carefully evaluate the safety and long-term value of its assets before expanding its position. The commitment to BNB is added to the strategy previously adopted in Bitcoin. Bitcoin was already incorporated as a reserve asset.
Nano Labs quotes in Nasdaq under the ticket Develops high-performance computing solutions and custom chips aimed at improving Web3 infrastructure.
As reported by Cryptootics, it was on June 24th that Nano Labs announced its BNB purchasing strategy. The following graph provided by TrainingView allows you to see how the price (NA) of the company’s actions have since moved.
As you can see in the image above, The market – at least so far – has not received much diversification strategies with cryptocurrencies Because from Nano Labs, the price of his stock has since had a significant bearish trend.