Chinese Company Makes Massive Investment in Altcoin: “Our Goal is to Own 5 to 10 Percent of Total Supply”

Nasdaq-listed China-based Web 3.0 infrastructure provider Nano Labs announced that it has purchased 74,315 Binance Coins (BNB). The company made the transaction via the over-the-counter (OTC) market, purchasing approximately $50 million worth of BNB at an average unit price of $672.45.

With this move, Nano Labs’ total reserves in digital assets such as Bitcoin and BNB reached $160 million. In its press release, the company described this acquisition as “the first step of the BNB strategic plan,” while reiterating its commitment to increasing its BNB holdings in the long term.

Nano Labs announced that it will conduct comprehensive analyses on the security and long-term value of BNB, and that they aim to purchase up to $1 billion of BNB through convertible bonds and private sales in the first phase. The company's long-term plan is to own 5% to 10% of BNB's total circulating supply.

The BNB price has lost about 1% of its value in the past month, while the Bitcoin price has increased by about 3% in the same time period.

*This is not investment advice.