Nano Labs Bets Big on Binance Coin With $500M Convertible Notes Deal

Nano Labs Bets Big on Binance Coin With $500M Convertible Notes Deal

Firm Targets 10% of BNB Circulating Supply as It Builds Treasury

Nano Labs, a blockchain infrastructure firm based in China, has announced a bold plan to raise $500 million through convertible notes to fund the acquisition of Binance Coin (BNB). The company revealed on Tuesday that it aims to hold up to 10% of BNB’s circulating supply, a move that could have significant implications for both its balance sheet and the broader BNB market.

The acquisition would be executed through a combination of convertible promissory notes and private placements, with a long-term goal of investing as much as $1 billion in BNB.

“Over the long term, Nano Labs aims to hold 5% to 10% of BNB’s total circulating supply,” the company noted in its statement.

Deal Structure: No Interest, 360-Day Maturity

The convertible notes will carry no interest and mature in 360 days from issuance. During that period, they may be converted in full or in part into Class A ordinary shares of Nano Labs at an initial conversion price of $20 per share, subject to future adjustment.

If investors do not convert the notes before maturity, Nano Labs is obligated to repay the principal. However, the company acknowledged that “there is no guarantee that closing will happen in full or at all,” emphasizing the risks associated with the offering.

BNB Acquisition Triggers 106% Surge in Nano Labs Stock

The announcement caused a sharp spike in Nano Labs’ share price, which more than doubled in one day, jumping from $10.90 to $22.50.

Former Binance CEO Changpeng “CZ” Zhao shared the announcement on X, commenting that Nano Labs’ stock “went through the roof.” While CZ confirmed that he and his affiliates did not participate in the offering, he reiterated their strong support for the initiative.

Institutional Interest in BNB Intensifies

Nano Labs isn’t the only institution turning its gaze toward BNB. Earlier this month, reports surfaced that crypto hedge funds were raising $100 million for BNB-focused investment strategies. The growing attention could pave the way for broader institutional adoption.

Meanwhile, VanEck, a major asset manager, has submitted a proposal to list a spot BNB ETF in the United States — a move that could create regulated pathways for traditional investors to access BNB.