China-based Web3 infrastructure firm Nano Labs has entered into a $500 million convertible note agreement as part of a broader strategy to accumulate Binance Coin (BNB) holdings worth up to $1 billion.
In a Tuesday press release, the company announced that it has signed a convertible promissory notes purchase agreement with several unnamed investors.
The notes mature in 360 days and carry no interest. Investors will have the option to convert the debt into Nano Labs’ Class A ordinary shares at a fixed price of $20 per share, subject to adjustment.
The notes are unsecured and repayment is due unless converted before maturity.
Nano Labs said the closing of the agreement remains contingent on customary conditions and cautioned that there is no certainty the transaction will be completed in full.
The capital raise marks a major step in the company’s effort to deepen its exposure to digital assets.
In particular, Nano Labs plans to conduct a comprehensive evaluation of BNB’s utility, network security, and long-term value.
It intends to use the proceeds to acquire BNB through a mix of convertible notes and private placements.
According to the announcement, Nano Labs ultimately aims to hold between 5% and 10% of BNB’s total circulating supply, a significant target that would position the company among the largest known holders of the token outside of Binance itself.
While no timeline was given for the full BNB accumulation plan, the company indicated that the current financing represents only the first stage of a larger digital asset strategy.
Nano Labs operates in China’s growing Web3 sector, providing blockchain infrastructure and product solutions.
The move by Nano Labs comes amid rising institutional interest in specific altcoins.
Just recently, Interactive Strength, a Nasdaq-listed fitness tech firm, announced plans to raise $500 million to create a Fetch.ai token treasury, suggesting that selective altcoin bets still hold appeal.
Despite the rising interest in altcoin treasuries, Blockstream CEO Adam Back believes the era of altcoin speculation has ended, advising investors to rotate into Bitcoin or Bitcoin treasury stocks instead.
In a recent post on X, he stated, “TSRY SZN is the new ALT SZN,” signaling a shift in sentiment as BTC-focused companies gain traction.
Back’s comments align with growing institutional interest in Bitcoin. According to BitcoinTreasuries.NET, over 240 public companies now hold BTC, nearly double from earlier this month, collectively owning close to 4% of the total Bitcoin supply.
The momentum behind corporate Bitcoin adoption continues to grow. On June 12, Nasdaq-listed Mercurity Fintech Holding announced an $800 million raise to establish a long-term Bitcoin reserve.
