Nano Labs Announces $500 Million Sale of Convertible Notes for BNB Acquisition
Nano Labs (NA) has announced a private agreement to sell $500 million in convertible notes maturing in 360 days, aimed at acquiring Binance's BNB token for its balance sheet.
- The unsecured notes carry no coupon and can be exchanged at any time for Class A shares at an initial price of $20.
- If investors retain the notes until maturity, Nano Labs must repay the principal amount.
- This move is part of a treasury strategy focused on BNB, with a goal of purchasing up to $1 billion in BNB through additional note sales and placements.
- The company aims to own 5%–10% of BNB’s circulating supply, which has a current market capitalization of $90.3 billion.
- Before proceeding, Nano Labs will assess BNB’s security and value; the agreement is not finalized yet.
- Following the announcement, Nano Labs’ shares have increased by over 100%, now trading at $22.
- Recently, former hedge fund executives also revealed plans to raise $100 million to invest in BNB.