Nano Labs aims to accumulate 10% of BNB’s total circulation… Buys $50 million worth
Summary
- Nano Labs announced a plan to accumulate $1 billion worth of BNB, equivalent to 10% of the total BNB circulation.
- Nano Labs has purchased $50 million worth of BNB and revealed that the company’s total BTC and BNB holdings now amount to approximately $160 million.
- Despite the large-scale BNB purchase, the stock price dropped by more than 4.7% during the day and closed at $8.21.
Chinese microchip producer Nano Labs has revealed a plan to accumulate BNB equivalent to 10% of its total circulation, amounting to a value of $1 billion, and has already purchased $50 million worth of BNB.
According to Cointelegraph on the 3rd (local time), Nano Labs stated that this purchase brings the company's Bitcoin (BTC) and BNB holdings to about $160 million in total.
Previously, Nano Labs issued $500 million worth of zero-interest convertible bonds to acquire BNB. Following this announcement, Nano Labs’ stock price surged by 106% at the time. However, after purchasing $50 million worth of BNB on the 3rd, the stock price declined by more than 4.7% during the day and closed 2% lower, finishing at $8.21.
As of 2:55 PM on this day, according to Investing.com, Nano Labs was trading at $8.38, down 4.77% from the previous day.
Heecheol Yang
heecheol@bloomingbit.ioHello, I'm a reporter at bloomingbit
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