Nano Labs, a China-based web 3.0 infrastructure provider registered with NASDAQ, has announced that it has purchased 74,315 Binance Coins (BNB). The company traded through the off-the-shelf market (OTC) market, purchasing approximately $50 million worth of BNB, an average of $672.45.
The move has brought total reserves of Nano Labs, including digital assets such as Bitcoin and BNB, to $160 million. In a press release, the company described the acquisition as “the first step in its BNB strategic plan,” reiterating its commitment to increasing BNB holdings in the long term.
Nano Labs has conducted a comprehensive analysis of BNB security and long-term value, and announced it aims to purchase up to $1 billion of BNB through convertible bonds and private sales in phase 1. The company’s long-term plan is to own between 5% and 10% of BNB’s total distribution supply.
BNB prices have lost about 1% of their value in the past month, while Bitcoin prices have risen about 3% over the same period.
*This is not investment advice.