While the treasury strategy has been adopted for cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and XRP, Binance Coin (BNB) has recently joined this craze.
Accordingly, Nano Labs, a Nasdaq-listed cryptocurrency mining chip design company, has included BNB as part of its treasury strategy.
According to the official statement, Chinese company Nano Labs signed a $500 million convertible bond agreement for the purchase of BNB.
The company plans to evaluate the security and value of BNB and purchase up to $1 billion worth of BNB, targeting 5-10% of its total circulating supply in the long term.
CZ also congratulated Nano Labs' BNB move, posting the following:
“Nano Labs Ltd announced its BNB move and the private strategic reserve is becoming a public company. Bringing $500 million to BNB.
The stock price has skyrocketed. We (my affiliates) did not participate in this round, but we remain extremely supportive.
This is not financial advice!”
*This is not investment advice.
