Nano Labs, a Chinese company listed on the Nasdaq, has just announced a $500 million fundraising. Not to produce chips. Not to acquire a competitor. But to build… a treasury in BNB.
Yes, BNB, the token issued by Binance, currently valued at nearly $93 billion, with a circulating supply of 145.9 million tokens. A crypto often overlooked by corporate crypto treasuries, which typically prefer Bitcoin or Ethereum. Nano Labs is breaking away from the norm.
Un acteur chinois coté au Nasdaq mise tout sur la crypto de Binance
To finance this operation, Nano Labs will issue convertible notes without coupons, maturing in 360 days. Investors can convert these notes into ordinary Class A shares at a price of $20 per share.
The most striking aspect? The company has already secured several subscriptions… and is considering doubling down if demand allows. In other words: up to $1 billion in BNB injected in the first phase. A staggering figure in a market where very few institutional players are exposed to this asset.
Une réaction immédiate des marchés
Not surprisingly, the announcement propelled Nano Labs’ stock up by nearly 200% in the American pre-market, pushing its market capitalization beyond $181 million.
As spectacular as it is strategic. Behind Nano Labs, are former executives of Canaan, another Chinese giant specializing in Bitcoin mining machines. The company went public in 2022, but it is this crypto decision that is now attracting all the attention.
No surprise, but CZ, founder of Binance and a public supporter of BNB as the top holder, celebrated the announcement, stating no connection to the fundraising…
BNB, nouveau terrain de jeu pour les entreprises ?
So far, listed company initiatives aiming to hold cryptocurrencies on their balance sheets have been dominated by Bitcoin, like Strategy, or more cautiously by Ethereum and Solana. BNB has been left out.
But this week marks a turning point. Nano Labs is not alone: a new company called Build & Build Corporation, founded by former executives of Coral Capital Holdings, has also announced its intention to raise $100 million to buy BNB… with the goal of going public.
Une stratégie risquée mais révélatrice
While Binance continues to face regulatory pressure in the US and Europe, this renewed interest in its native token is surprising. But it speaks volumes about BNB’s persistent influence in the crypto ecosystem and about non-crypto players’ strategic positioning in this new economy.
A bold gamble. And further evidence that, even in 2025, crypto asset allocation has yet to reveal all its cards.
