Nasdaq-Listed Nano Labs Creates BNB Treasury With $50M Purchase

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. At the time, the company disclosed that it would raise up to $500 million via private placements and convertible notes.

“Over the long run, Nano Labs intends to hold 5% to 10% of BNB’s total circulating supply,” read the press release.

At press time, the stock price of the Nasdaq-listed company has fallen by 9.66% over the last day to trade at $7.95. However, a bird’s eye view reveals that the Nano Labs stock is up 109% on the 30-day chart, spiking alongside the company’s plans for a BNB reserve.

Altcoin Treasury Operations Are Keeping Pace With Bitcoin

While Bitcoin treasury operations are hogging the spotlight, a number of companies are accumulating altcoins for their balance sheets. For Ethereum, SharpLink Gaming is leading the charge with its total holding of 188,478 ETH. At the start of the week, Bitcoin miner BitMine joined the race with a $250M raise for an Ethereum treasury.

Solana accumulation among corporations is also heating up in recent weeks. DeFi Development Corp has announced a fresh $112.5 million to increase its SOL holdings. Upexi and MemeStrategy are steadily increasing their SOL holdings, mirroring Strategy’s acquisition of Bitcoin.

Amid the frenetic activity for altcoin treasury operations, Bitcoin treasury companies are heads and shoulders above the rest. Led by Strategy, Bitcoin treasuries acquired 5,898 BTC in the last week, splurging over $500 million for the haul.