Nano Labs, a Chinese integrated circuit manufacturer, has announced a private placement of convertible bonds totaling $500 million, marking the first step towards establishing the company’s treasury in BNB tokens worth $1 billion.
This is reported by Finway
Plan for BNB-Based Reserve
Nano Labs has already secured agreements with several investors who will purchase the new securities, the names of whom remain undisclosed. The issued bonds are unsecured, non-interest-bearing, and have a maturity date in June 2026. Holders will have the option to convert them into Class A common shares at a price of $20 per share or receive an equivalent in fiat currency.
The funds raised by Nano Labs will be directed towards forming its own treasury in the cryptocurrency BNB. In the long term, the company plans to increase the reserve to $1 billion and subsequently concentrate between 5% and 10% of the circulating supply of this crypto asset on its balance sheet.
Market Reaction and Comments from Changpeng Zhao
Nano Labs is a public company whose shares are listed on the Nasdaq exchange. Following the news of the bond issuance, the stock price surged by more than 170% during pre-market trading. By the end of June 23, their price was $10.89, which is nearly half the conversion price of the new bonds.
Former Binance CEO Changpeng Zhao shared his thoughts on the events:
“Their stock price has skyrocketed. We (my affiliates) did not participate in this round but continue to provide significant support.”
It is worth noting that Nano Labs is not the only company implementing a treasury creation strategy based on altcoins. For example, Lion Group plans to form a reserve from Hyperliquid, Solana, and Sui assets.