Nano Labs expands Binance Coin treasury reserve to $90m

Nano Labs has increased its BNB treasury reserve holdings to a stash worth $90 million, with a significant purchase coming amid the cryptocurrency market’s latest uptick.

Nano Labs, which trades on the Nasdaq under the ticker NA and offers web3 infrastructure solutions, is accumulating Binance Coin (BNB). The move comes as more publicly-traded companies adopt cryptocurrency strategic reserves amid huge institutional interest. 

Nano Labs announced its plans to establish a strategic reserve with the Binance Coin in June. In a press release on Tuesday, it said it had acquired an additional 45,684.9862 BNB worth $34.8 million. This brings its total holdings to 120,000 BNB, now worth approximately $90 million.

Nano Labs stated that it acquired the latest batch of tokens through over-the-counter transactions, with BNB purchased at an average price of $764 per token. Overall, the firm’s BNB acquisition has come at the average purchase price of $707 per token.

More BNB treasury reserve firms

Nano Labs revealed in June that it had entered into a $500 million convertible notes agreement to purchase BNB and launch a strategic reserve. The company also noted it planned to acquire $1 billion worth of BNB in an initial outlay. However, the long-term goal is to hold between 5% to 10% of the native Binance ecosystem token’s circulating supply.

In its latest update, Nano Labs announced it will add to its BNB holdings via various strategies, including continued accumulation of BNB, investment in BNB-focused firms, and acquisition of BNB companies.

Recently, Nasdaq-listed Windtree Therapeutics announced its plans to purchase up to $200 million in BNB, initially commencing the project with a $60 million BNB acquisition. Windtree has agreed to a securities purchase deal for the BNB treasury, backed by Build and Build Corp.

Earlier this month, crypto venture capital firm YZi Labs backed 10X Capital’s push for a new BNB treasury company. Binance co-founder and former Chief Executive Officer Changpeng Zhao has shown his support by sharing a positive outlook on such moves.