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Nano Labs Plans $1 Billion Binance Coin Purchase as Shares Double

Issuing $500 million in notes convertible at $20 per share will fund a planned acquisition of up to 10% of BNB after a security review.

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Overview

  • Nano Labs will issue $500 million in convertible promissory notes under a private placement agreement.
  • The unsecured notes carry no interest and mature in 360 days with an option for investors to convert before repayment.
  • The company aims to deploy the funds alongside private placements to acquire $1 billion worth of BNB, which has a market capitalization near $90 billion.
  • Over time, Nano Labs seeks to hold between 5% and 10% of BNB’s total circulating supply.
  • Following the announcement, its shares more than doubled to $22, marking a two-year high.