Nano Labs Quietly Snaps Up BNB: $50M Spent, $950M More to Go
Nano Labs made its initial move just weeks after announcing a daring plan to buy up to $1 billion in BNB. The $50 million deal was carried out off-exchange, suggesting a protracted game and cautious buildup that could have macro effects on BNB liquidity. On July 3, Nasdaq-listed Nano Labs stated in a press statement that it had bought 74,315 BNB tokens over-the-counter (OTC) for an average price of $672.45 per.
Increasing the company’s total cryptocurrency reserves—which comprise Bitcoin (BTC) and BNB—to about $160 million. As mentioned above, the action is the first significant step in Nano Labs’ previously declared plan to gain a significant amount of BNB, with the ultimate goal of controlling 5% to 10% of the token’s supply.
Nano Labs Shifts From Hardware to Crypto Reserves Amid Falling Revenues
Nano Labs appears to be revising its business plan. The off-exchange acquisition of BNB by the business is more than just a treasury maneuver. It’s a deliberate move away from the erratic hardware industry that once characterized it.
According to a recent financial report from Nano Labs, the company’s iPollo mining chips fell 39% in the second half of 2024. However, losses decreased mostly as a result of cost-cutting measures rather than expansion. In the second half of 2024, the business reported revenue of just $2.2 million, a 39% decrease from the previous year. Its losses remained at $8.4 million despite a decline.
However, when considering the balance sheet strategy, the picture changes. Nano Labs’ shift to cryptocurrency reserves appears to be more of a survival tactic than an experiment, as R&D has been cut by 62% and gross margins have been supported by inventory modifications.
Nano Labs Bets Big on BNB Utility While Market Focuses on Scarcity
This was the first public shift in that direction, with Nano Labs acquiring a 400 BTC reserve at a total cost of $40 million. This most recent purchase by BNB broadens that strategy and prepares the ground for a far more aggressive accumulation drive. The company plans to use zero-interest convertible notes to make up to $1 billion in future purchases.
On the other hand, Nano Labs is focusing on the usefulness of BNB, while Strategy is betting on its scarcity. Despite supporting one of the busiest blockchains in cryptocurrency, the token is currently trading 20% below its highest value due to Binance’s regulatory burden. It wouldn’t just corner the market if Nano Labs could acquire 5–10% of BNB’s supply; it may also compel a reassessment of the token’s institutional viability.
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