MEXCBreaking: Nasdaq-Listed Nano Labs Creates BNB Treasury With $50M Purchase
Highlights
- Nano Labs has acquired $50 million worth of BNB for its treasury operations.
- The company has plans to accumulate $1 billion BNB, extending its digital asset holdings.
- BNB price has climbed by nearly 2% since the announcement to trade at $663.
Nasdaq-listed Nano Labs has announced the purchase of 74,315 BNB, formally adding the asset to its growing cryptocurrency treasury operations. The purchase has sent the price of BNB rallying as trading volumes soar to nearly $1 billion.
Nano Labs Launches BNB Treasury Operations
According to a press release, China-based Nano Labs has taken the first steps to set up a BNB reserve, splurging $50 million on a lump purchase. The company scooped 74,315 BNB at an average price of $672.45 in an over-the-counter (OTC) transaction.
The latest purchase brings the valuation of Nano Lab’s digital asset holdings to $160 million. Currently, Nano Labs is pitching its tent with Bitcoin and BNB, but the announcement suggests that the company will narrow its focus to Binance Coin.
Nano Labs has plans to establish a $1 billion BNB treasury, reiterating its plans in June to become a BNB Treasury company. At the time, the company disclosed that it would raise up to $500 million via private placements and convertible notes.
“Over the long run, Nano Labs intends to hold 5% to 10% of BNB’s total circulating supply,” read the press release.
At press time, the stock price of the Nasdaq-listed company has fallen by 9.66% over the last day to trade at $7.95. However, a bird’s eye view reveals that the Nano Labs stock is up 109% on the 30-day chart, spiking alongside the company’s plans for a BNB reserve.
Altcoin Treasury Operations Are Keeping Pace With Bitcoin
While Bitcoin treasury operations are hogging the spotlight, a number of companies are accumulating altcoins for their balance sheets. For Ethereum, SharpLink Gaming is leading the charge with its total holding of 188,478 ETH. At the start of the week, Bitcoin miner BitMine joined the race with a $250M raise for an Ethereum treasury.
Solana accumulation among corporations is also heating up in recent weeks. DeFi Development Corp has announced a fresh $112.5 million to increase its SOL holdings. Upexi and MemeStrategy are steadily increasing their SOL holdings, mirroring Strategy’s acquisition of Bitcoin.
Amid the frenetic activity for altcoin treasury operations, Bitcoin treasury companies are heads and shoulders above the rest. Led by Strategy, Bitcoin treasuries acquired 5,898 BTC in the last week, splurging over $500 million for the haul.
- Changpeng Zhao “CZ” Warns Investors “Don’t Buy” Golden Statue Meme Coin After 27,000% Surge
- Markets Expect October Fed Rate Cut as Bitcoin Repeats Post-FOMC Pattern
- Trump Tariff: China Resumes U.S. Imports After Agreement With South Korea
- BlockDAG Hype Surges as Coinbase and Kraken Listing Rumors Spread
- Bitget’s Institutional Volume Hits $23.1 Billion as UEX Framework Gains Global Momentum
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
- Expert Predicts XRP Price to Hit $10 as Elliot Wave, XRPR ETF Inflows Align
- HYPE Price Prediction as 21Shares Files S-1 for Hyperliquid ETF—Can Bulls Push HYPE to $60?
- Bitcoin Price Rally Bound? How the Fed’s Move May Unleash Crypto
- Can ASTER Price Rebound 50% as Whale Activity and Bullish Pattern Align?
- Pi Network Patterns Point to More Gains Despite Manipulation Claims
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
