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.
“Over the long run, Nano Labs intends to hold 5% to 10% of BNB’s total circulating supply,” read the press release.
This is a developing story and will be updated as more facts emerge.
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Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
