Nano Labs Ltd has unveiled a $500 million private placement through convertible promissory notes—a decisive step in its evolving crypto treasury strategy centred around Binance Coin (BNB).
Under the agreement, a consortium of investors will subscribe to unsecured notes that mature in 360 days and carry no interest. These notes are convertible into Nano Labs’ Class A ordinary shares at an initial price of $20 per share, with the option to convert at any point during the term. Any remaining principal not converted will be repaid upon maturity. The agreement is still subject to standard closing conditions, and the company emphasized there is no certainty the transaction will be completed.
🚨 Announcement#NanoLabs has entered into a $500M convertible notes purchase agreement to launch our $BNB Strategic Reserve. $NA
🔗https://t.co/bj4nbzDUrq pic.twitter.com/i3ezU3MrcV
— Nano Labs (@NanoLabsLtd) June 24, 2025
This financial manoeuvre represents the first phase of Nano Labs’ ambitious plan to integrate BNB into its corporate reserves. The company aims to allocate up to $1 billion toward acquiring BNB through a combination of convertible debt and private placements. The company aims to acquire 5% to 10% of BNB’s total circulating supply, establishing itself as a significant player in the Binance ecosystem. This move reflects growing institutional confidence in BNB and aligns with Nano Labs’ goal of creating a diversified blockchain-native treasury. The announcement led to a notable increase in the company’s stock price, indicating strong investor interest.
Reacting to the development, Binance founder Changpeng Zhao (CZ) praised Nano Labs’ bold treasury direction. In a statement posted on X, CZ remarked, “Nano Labs becomes a $BNB-only strategic reserve public company, bringing $500 million to BNB. Their stock price went through the roof.” He also clarified that while his affiliated entities did not participate in the round, they remain “extremely supportive” of the initiative.
Nano Labs Ltd (Nasdaq: NA) becomes a $BNB-only strategic reserve public co, bringing $500 million to BNB. 👏
Their stock price went through the roof. We (my affiliated entities) did not participate in this round, but remain extremely supportive.
Not financial advice! https://t.co/2ULQ6NGDBG
— CZ 🔶 BNB (@cz_binance) June 24, 2025
Meanwhile, CZ also issued a separate warning to the broader crypto community amid a rising wave of phishing attacks. He urged users to exercise extreme caution when connecting wallets online, even on trusted platforms, citing increasingly deceptive authorization prompts that are being used to compromise user funds.
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