Nasdaq-listed Nano Labs has officially kicked off its ambitious Binance Coin (BNB) accumulation strategy with a significant over-the-counter (OTC) purchase. The company acquired 74,315 BNB tokens for approximately $50 million, paying an average price of $672.45 per token. This acquisition marks a major pivot for the China-based chipmaker, known primarily for its high-throughput computing chips used in Bitcoin mining and AI systems.
With this purchase, Nano Labs now holds about $160 million in digital assets, including Bitcoin and BNB, and has announced plans to own between 5% and 10% of the total circulating supply of Binance Coin over time. This move establishes the firm as the first U.S.-listed public company to adopt Binance Coin as a treasury anchor.
A Strategic Shift Beyond Chipmaking
Nano Labs’ $50 million purchase of BNB is more than a routine treasury move; it represents a strategic overhaul of its business model. The company’s recent financials reveal a sharp decline in its traditional hardware sector. Revenues dropped 39% year-over-year to $2.2 million in the second half of 2024, while operating losses stood at $8.4 million despite cost-cutting efforts.
Despite recent revenue declines and operational losses, Nano Labs has aggressively cut costs, slashing research and development expenditures by 62%. Inventory adjustments have also helped improve gross margins.
However, the decline in hardware sales and shrinking revenues have compelled Nano Labs to rethink its future. Its decision to scale up crypto reserves—initially by holding 400 BTC acquired for $40 million—now extends to Binance Coin, a token closely linked to one of the most active blockchain ecosystems.