Convertible notes worth $500 million mature in 360 days, convert at $20 per share, blending finance and crypto.
Nano Labs, a Nasdaq-listed chip design firm, unveiled plans to acquire up to $1 billion in Binance Coin (BNB). The company aims to lock in long-term holdings of BNB, shifting its treasury beyond Bitcoin and aligning with growing institutional demand.
However, to fund this move, Nano Labs entered a $500 million convertible note agreement. These zero-interest notes mature in 360 days and convert into Class A shares at $20 each.
Meanwhile, this announcement follows a similar push by former Coral Capital executives, who raised $100 million to buy BNB for institutional clients. Consequently, BNB has drawn fresh attention from entities that once focused only on Bitcoin and Ethereum.
In December 2024, Nano Labs began accepting Bitcoin payments for its design services. At the time, industry observers wondered whether the firm would ever hold crypto on its balance sheet. Now, with a goal of owning 5 percent to 10 percent of BNB’s circulating supply, the company casts its net wider.
Following the disclosure, Nano Labs stock (NA) soared 107 percent, trading near $22.50. This jump underscores market belief in institutional BNB adoption.
BNB is currently trading above its short-term moving averages, with daily momentum supported by strong horizontal support at $620-$625. The RSI is trending in neutral territory (~54), indicating that the asset has room for upward movement without being overbought.
The nearest resistance lies at $650, which marks the upper limit of a multi-week channel. A clean breakout above that level with volume could target $680-$700. Failure to maintain above $630 may invite a pullback to the $605-$610 support area.
Cointribune reports growing usage of BNB in Decentralized Physical Infrastructure Networks (DePIN) and AI-integrated data marketplaces, particularly for protocol fee payments and validator incentives.
A report published today emphasizes that BNB is increasingly viewed as an institutional-grade digital asset due to its fee-burning model, limited supply (max cap of 200 million), and strong governance. The report compares BNB’s monetary policy favorably against Ethereum’s, citing greater predictability and integration in Binance’s Web3 infrastructure.
Developers continue to push improvements to the BNB Smart Chain (BSC), including optimization of gas usage and enhanced EVM compatibility. This comes as BSC remains one of the most used blockchains in terms of transactions and active users, supporting thousands of dApps and retail-friendly DeFi protocols.
