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Quick take:
There is no interest charge on the principal amount, which is payable on the maturity date.
In the initial phase, Nano Labs plans to acquire $1 billion worth of BNB via convertible notes and private placements.
The placement agreement is part of the company’s long-term strategy of holding 5% to 10% of BNB’s total circulating supply.
Nano Labs Ltd (Nasdaq: NA), a Web3 infrastructure and product solution provider, has announced plans to raise $500 million from the issuance of zero-coupon convertible promissory notes, with several investors agreeing to subscribe to the offer. The shall be an unsecured general obligation of the company, upon satisfying customary closing conditions.
According to the announcement, the notes mature within 360 days and can be converted into Class A common shares for $20.00 each. There is no interest charge on the principal amount, which is payable on the maturity date, Nano Labs wrote in a press release on Tuesday.
The company plans to acquire $1 billion worth of BNB via convertible notes and private placements in the initial phase as part of a long-term strategy of holding 5% to 10% of BNB’s total circulating supply.
“The Agreement marks an important step in the Company’s strategic growth. As part of this initiative, Nano Labs will conduct a thorough assessment of the security and value of BNB,” Nano Labs wrote.
This announcement comes amid growing interest in establishing digital asset treasuries. Most of the companies, including Trump Media and Technology, Metaplanet, Semler Scientific and Gamestop, among others, have focused on Bitcoin.
However, some like SharpLink have opted to build the crypto treasury using Ether (ETH), while SOL Strategies, which recently revealed plans to list in the U.S., has focused on building a Solana-driven treasury.
Earlier this month, Chinese automotive and hospitality company Webus announced plans to establish a $300 million crypto treasury focused on Ripple (XRP).
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