Nano Labs to issue $500M of convertible notes to fund BNB treasury

Chinese blockchain company Nano Labs announced a $500 million convertible notes deal to fund a major BNB acquisition, aiming to hold up to 10% of its circulating supply.

Chinese blockchain infrastructure firm Nano Labs has announced a convertible notes purchase agreement for $500 million to fund its BNB token treasury.

In a Tuesday announcement, the company said it plans to acquire up to $1 billion worth of Binance’s BNB (BNB) token through a combination of convertible promissory notes and private placements. As part of the initiative, Nano Labs will also assess BNB’s security and value.

“Over the long term, Nano Labs aims to hold 5% to 10% of BNB’s total circulating supply,“ the company said in the statement.

Read more