According to @DeepLearningAI, Nasdaq-listed chipmaker Nano Labs (NA) announced a plan to purchase up to $1 billion in Binance's BNB token for its corporate treasury, with a long-term goal of owning 5-10% of the circulating supply. The initial phase involves raising $500 million through convertible notes. The announcement caused Nano Labs' stock to surge over 100% to $22 per share. Subsequently, the company executed the first part of its plan, purchasing 74,315 BNB for approximately $50 million at an average price of $672.45. Following this purchase, NA shares fell significantly to $8.20. This move highlights a growing trend of corporate and institutional interest in holding BNB as a reserve asset, as another group of former hedge fund executives also revealed plans to raise $100 million to buy the token.

According to @QCompounding, the Nasdaq-listed chip designer Nano Labs (NA) has seen its stock price surge by more than 100% to $22 per share. This dramatic increase followed the company's announcement of a plan to acquire up to $1 billion in Binance's BNB token for its corporate treasury. The initial step involves a private agreement to sell $500 million in 360-day unsecured convertible notes, which carry no coupon and can be converted into Class A shares at $20 each. Nano Labs stated its long-term objective is to hold 5% to 10% of BNB's circulating supply. This move signals growing institutional interest in holding major cryptocurrencies like BNB, which is currently trading around $648, on corporate balance sheets. The source notes that the agreement has not yet been finalized.