Nano Labs (Reach)A nasdaq -noted chipmaker, cracked about $ 50 million worth of Binance’s BNB
Token, as it works against a goal to own as much as 10% of the total supply.
The Hong Kong-based company said it bought 74,315 BNB in an over-the-counter deal at an average price near $ 672.45, and raised its total digital asset reserves, including Bitcoin
to about $ 160 million.
The purchase marks the first big step in Nano Labs’ plan to award as much as $ 1 billion to BNB, partly financed through $ 500 million in convertible notes.
Nano Labs’ shares fell 4.7% on Thursday and slipped another 2.15% after hours to $ 8.20.
The company is not alone in looking to accumulate BNB as a state reserve asset. A group of former leaders of hedge fund late last month revealed plans to collect $ 100 million to buy cryptocurrency through a NASDAQ-listed Shell company.
