Nano Labs Stock Price Shoots over 152% on $1 Billion BNB Treasury Strategy

In the latest BNB news, Nasdaq-listed Nano Labs on Tuesday said it will issue convertible promissory notes for a total amount of $500 million. Web 3.0 infrastructure and product solution company plans to acquire $1 billion in BNB tokens through convertible notes and private placements.

As a result, the Nano Labs Stock price (NA) stock price shot up by more than 152% in the premarket trading hours on Tuesday. The stock opened at $29 and was trading 83.48% higher at the time of writing.

Nano Labs Announces $500 Million Convertible Notes Offering

In a press release on June 24, Nano Labs discloses that it has entered into a convertible notes purchase agreement. The company has approved to issuance of convertible promissory notes in the aggregate principal amount of $500 million.

In addition, the company provided further details on the convertible notes offering. It added that the convertible notes have a maturity period of 360 days. Also, it will not accrue any interest on the outstanding principal amount.

The notes are convertible, in whole or in part, into the Nano Stock Class A ordinary shares. It will have a conversion price of $20 initially. The company will return the outstanding principal amount on the maturity date if they are not converted.

Nano Labs Discloses BNB Treasury Strategy

Nano Labs has announced plans to build a BNB treasury strategy. The convertible notes purchase agreement marked an important milestone in the company’s strategic growth.

Initially, the company plans to purchase $1 billion worth of BNB through convertible notes and private placements.

Over the long term, Nano Labs aims to hold 5% to 10% of BNB’s total circulating supply. The 5% of BNB circulating supply accounted for 7 million BNB tokens.

Changpeng “CZ” Zhao lauded the move by Nano Labs. CZ also highlighted his support, but denied any participation by him or his affiliates in the round.

Earlier, CZ said,

“A few other markets around the world. I heard about a few different companies doing this. So far, none are driven by me/us. But we are extremely supportive.”

BNB Price Jumps on Corporate Acquisitions

On Monday, Bloomberg reported that former hedge fund executives from Coral Capital Holdings, including Patrick Horsman, Joshua Kruger, and Johnathan Pasch, announced a plan to raise $100 million to acquire BNB.

BNB price jumped 3% in the past 24 hours, with the price trading at $639.83 at the time of writing. The 24-hour low and high were $616.78 and $642.87, respectively. Furthermore, the trading volume has increased by 3% in the last 24 hours, indicating a slight interest among traders.

In the daily timeframe, the price is below 50-SMA and 200-SMA, but above 100-SMA at the time of writing. Whereas, the Relative Strength Index (RSI) slightly dropped to 46, signaling a potential sideways move.

Moreover, CoinGlass data showed buying and selling in derivatives exchanges. At the time of writing, the total BNB futures open interest dropped nearly 2% to $709.14 million in the last 24 hours.

BNB futures OI on Binance and OKX declined by 0.34% and 0.54% in the last 4 hours, respectively. But it jumped on Bybit, Gate, and others. This signals mixed sentiment among derivatives traders.

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