Nano Labs announces $500 million convertible bond financing, plans to invest heavily in BNB to build a strategic reserve listed company
B.news
On June 24, Nasdaq-listed Nano Labs Ltd (Nasdaq: NA) officially announced that it has signed a convertible note subscription agreement with multiple investors to issue convertible bonds totaling US$500 million. This round of financing aims to strengthen its strategic digital asset allocation, especially focusing on the large-scale holdings of BNB (Binance Coin).
According to the announcement, the convertible notes issued this time are the company's unsecured general debt with a term of 360 days. During the term of the notes (i.e. within one year), investors can choose to convert all or part of the bonds into Nano Labs Class A common stock. The initial conversion price is set at US$20 per share, which can be adjusted later according to the terms of the agreement. If the investor does not exercise the conversion right, the company will repay the entire principal when the notes mature. It is worth noting that the final transaction of this agreement still needs to meet a series of conventional conditions, and the company does not guarantee that the transaction will be completed in full.
Nano Labs also stated in the announcement that the company plans to deploy BNB assets with a total of US$1 billion in funds through this round of convertible bonds and private placements in the initial stage, with the goal of holding 5% to 10% of the total circulating supply of BNB in the medium and long term, becoming one of the first listed companies in the world to use BNB as a strategic reserve asset.
The news triggered a strong response in the capital market. Nano Labs' pre-market share price once soared by more than 210%, once reported at US$34.06, showing the market's positive expectations for its BNB strategy.
Binance founder Zhao Changpeng (CZ) also responded on the social platform later: "Nano Labs is transforming into a listed company with BNB as its core reserve. Although we (CZ's related entities) did not participate in the financing, we gave firm support." He also specifically reminded investors: "It is not a financial advice."
As China's leading Web3.0 infrastructure and product solution provider, Nano Labs has continued to deepen its efforts in computing power networks, decentralized services and on-chain infrastructure in recent years. The inclusion of BNB in the core asset allocation this time is seen by the outside world as a key turning point for the company to move towards "on-chain asset standard".
As the global Web3 ecosystem continues to expand, more and more companies are trying to incorporate stablecoins, mainstream tokens or native assets into their strategic reserve systems. Nano Labs' move not only demonstrates its strong confidence in BNB and the Binance ecosystem, but may also lead other listed companies to follow suit, opening up a new trend of "reshaping the balance sheet of Web3 companies."
