Chinese microchip manufacturer Nano Labs has begun executing its ambitious strategy to hold up to 10% of Binance Coin’s circulating supply, starting with a $50 million purchase of BNB.
The company confirmed on Thursday that it aims to build its BNB holdings to as much as $1 billion, representing between 5% and 10% of the token’s total supply.
Following this initial purchase, Nano Labs’ combined crypto treasury now stands at approximately $160 million, comprising both BNB and Bitcoin holdings. BNB is currently trading at $658.40, while Bitcoin sits at $108,999.
Founded in 2019 by Kong Jianping and Sun Qifeng after their tenure on Canaan’s board ended, Nano Labs went public in 2022. The firm focuses on designing high-throughput and high-performance computing chips.
Investor sentiment, however, appeared unimpressed with the latest move. Nano Labs’ stock slipped by over 4.7% during Thursday’s regular trading hours and dipped an additional 2% in after-hours trading, closing at $8.21 according to Google Finance. This reaction contrasts sharply with the company’s 106% share price surge when it initially revealed plans to issue $500 million in convertible notes to fund its BNB treasury strategy.
BNB gained only slightly, rising 0.3% in the last 24 hours to trade at around $663 per coin. BNB has a market capitalisation of $93.4 billion, and its circulating supply is 145,887,575, according to CoinGecko data.
Meanwhile, the broader trend of corporations integrating crypto into their treasuries continues to draw skepticism from some market watchers. Anthony Scaramucci, founder and managing partner at SkyBridge Capital, recently questioned the investment logic behind such corporate strategies. Speaking with Bloomberg earlier this week, he argued that investors may ultimately prefer direct exposure to crypto assets over investing in companies that accumulate them.
Despite this stance, he clarified he remains bullish on Bitcoin itself and holds no negative outlook toward companies adding crypto to their balance sheets. However, he warned investors to weigh the underlying costs associated with these treasury-focused firms.
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