Chinese-based crypto mining chip designer Nano Labs announced a $500 million convertible note agreement aimed at bolstering its treasury strategy and expanding its BNB holdings. The bold move echoes a trend seen among large-cap tech firms and crypto-first companies that diversify their crypto assets.
Nano Labs’ BNB Investment Plan
Under the agreement, Nano Labs will issue unsecured, zero-interest convertible notes due in 360 days. The notes are convertible into Class A ordinary shares at an initial price of $20 per share, subject to customary adjustments. Interestingly, Nano Labs intends to deploy the proceeds toward acquiring BNB, according to its official press release.
In the initial phase, the company plans to invest as much as $1 billion in BNB via the notes and related private placements. Its long-term goal is to hold between 5% and 10% of BNB’s total circulating supply. The company acknowledged that the closing of the note issuance remains subject to customary conditions, cautioning that the agreement may not be completed.
Nonetheless, if successful, Nano Labs will follow in the footsteps of MicroStrategy and other firms that have utilized similar market instruments to establish positions in crypto. Notably, the move builds on Nano Labs’ earlier crypto-focused initiatives, including the acceptance of Bitcoin payments.
Following the announcement, Nano Labs shares traded significantly higher, gaining over 150% in pre-market trading. The investment plan also gained the attention of crypto billionaire and BNB creator Changpeng Zhao (CZ), who commented on the move via X, saying:
“Their stock price went through the roof. We (my affiliated entities) did not participate in this round, but remain extremely supportive. Not financial advice!”
Altcoins Gain Institutional Interest
Institutional investors are increasingly broadening their crypto portfolios beyond Bitcoin, channeling significant capital into altcoins such as XRP, Solana, and Toncoin. A Coinbase–EY Parthenon survey of over 350 institutional investors revealed that 83% plan to increase crypto allocations in 2025, with 74% already holding altcoins.
CTW recently reported that Canadian investment firm Sol Strategies has made Solana its core focus. It leveraged an over $18 million credit facility to acquire SOL tokens for staking and liquidity operations. The firm later secured a $500 million convertible note facility, making it one of the most significant institutional investments in SOL to date.
The Open Network (TON) has also begun attracting institutional players. Pantera Capital, a crypto-focused investment firm managing over $5 billion in assets, is actively raising a dedicated fund to further increase its exposure to TON.
