Nano Labs Makes First Purchase In Lofty BNB Stockpile Plan
The post Nano Labs Makes First Purchase In Lofty BNB Stockpile Plan appeared on BitcoinEthereumNews.com.
Update (July 4 at 7 am UTC): This article has been updated to add a comment from a BNB Chain spokesperson. Chinese microchip firm Nano Labs has officially kicked off its plan to hold up to 10% of the total circulating supply of BNB, with its first purchase of $50 million of the asset. Nano Labs reiterated on Thursday that its long-term goal is to purchase up to $1 billion worth of BNB (BNB) and hold between 5% and 10% of the total circulating supply. It said its recent purchase now puts the company’s holdings at roughly $160 million in BNB and Bitcoin (BTC). Nano Labs was founded in 2019 by Kong Jianping and Sun Qifeng after their terms expired on the board of directors for Singapore-based computer hardware manufacturer Canaan. The firm went public in 2022 and primarily produces high-throughput computing chips and high-performance computing chips. Source: Nano Labs Nano Labs stock falls, BNB flat Although Nano Labs’ share price rose by over 106% when it first announced a plan to issue $500 million of convertible notes to fund a BNB treasury, the latest purchase didn’t impress investors. Following Nano Labs’ recent BNB acquisition, its stock price dropped more than 4.7% in the Thursday regular trading session and a further 2% after the bell to trade at $8.21. Nano Labs’ stock has fallen sharply following its purchase of $50 million in BNB. Source: Google Finance BNB gained only slightly, rising 0.3% in the last 24 hours to trade at around $663 per coin. Long road ahead to hit 10% BNB has a market cap of $93.4 billion, and its circulating supply is 145,887,575, CoinGecko data shows. Buying 10% of the current supply at market prices would cost roughly $926 million. The initial supply of BNB was set at 200 million…
