Nano Labs jumps after securing $500 million for buying BNB token

Nano Labs

24/06/2025 11:48

** Chinese chip designer Nano Labs' NA.O shares jump 20% to $13.09 premarket

** NA announces private placement of $500 million of convertible bonds for investing in crypto token BNB

** Initial conversion price of $20 apiece represents 83.7% upside to stock's last close

** In initial phase, NA plans to acquire $1 billion worth of BNB through convertible notes and private placements

** Growing number of companies are adding cryptocurrencies to their balance sheets to cash in on rising token prices

** BNB, token linked to crypto exchange Binance, is fifth-biggest cryptocurrency with $93 billion market cap, according to data from CoinGecko

** NA aims to hold 5% to 10% of BNB's total circulating supply in long run

** As of last close, NA stock up 21.7% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)

 ((ArasuKannagi.Basil@thomsonreuters.com;))