Nano Labs Plans $500 Million Convertible Note Deal to Acquire Up to $1 Billion BNB, Secures 600 BTC, Stock Surges

Nano Labs Ltd, a Nasdaq-listed crypto mining chip design company, has entered into a $500 million convertible note agreement as part of a strategy to accumulate Binance's BNB token. The company aims to build a BNB-denominated corporate treasury, with plans to acquire up to $1 billion worth of BNB, targeting 5–10% of the token's total supply. This move has been described as positioning Nano Labs as a $BNB-only strategic reserve public company, leading to a substantial surge in its stock price, which rose as much as 195% pre-market and closed with a 36% gain. Separately, in the first round of the convertible notes deal, Nano Labs secured 600 Bitcoin (BTC), valued at approximately $63.6 million, increasing its total Bitcoin holdings to 1,000 BTC. The company’s initiative reflects growing institutional interest in crypto-native treasury strategies and signals a potential shift in the narrative around BNB within the broader crypto market.