Chinese chip designer Nano Labs Ltd. (Nasdaq: NA) plans to sell $500 million in zero-coupon convertible promissory notes and use the cash to build a BNB treasury, the company said Tuesday.
The notes mature in 360 days and can be converted into Class A shares at a price of $20 each. Nano Labs claims it has secured subscriptions from several investors and may double the offering if demand holds, letting the firm buy up to $1 billion of BNB in phase one, according to a statement.
The BNB token, associated with the cryptocurrency exchange Binance, has a market capitalization of $93 billion, with a circulating supply of 145.9 million, according to The Block’s price page.
Nano Labs shares jumped almost 200% in U.S. pre-market trading, pushing the company’s market value above $181 million, Yahoo Finance data showed. The firm, founded by former executives from Bitcoin miner Canaan, went public in 2022.
Companies have mostly favored bitcoin for crypto balance-sheet plays, while a handful— such as SharpLink and DeFi Development Corp.—have branched out to Ether and Solana, respectively.
Although BNB has not been a common choice in this trend, Nano Labs is the second outfit this week to target the Binance-backed coin.
On Monday, former Coral Capital Holdings executives revealed a newly formed firm called Build & Build Corporation, a new venture that aims to raise $100 million to buy BNB and intends to go public.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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