Nano Labs sets sight on 10% of Binance Coin (BNB) supply after $500M deal

Cryptocurrencies displayed significant gains on Tuesday as Donald Trump’s ceasefire claims bolstered market sentiments. Beyond technicals, bullish fundamentals magnified optimism among Binance Coin (BNB) holders.A China-based Nasdaq-listed Nano Labs has revealed plans to invest up to $1 billion in Binance’s native token, adding BNB to its current Bitcoin holdings.The web3 firm aims to hold up to 10% of the altcoin’s circulating supply in the coming times.According to the June 24 press release:Nano Labs will conduct a thorough assessment of the security and value of BNB. In the initial phase, the company plans to acquire $1 billion worth of BNB via convertible notes and private placements. Over the long term, Nano Labs aims to hold 5% to 10% of BNB’s total circulating supply.Notably, the chipmaker has signed a convertible notes purchase contract worth $500 million to kick-start the initiative.While the deal remains subject to standard closing terms, it marks a crucial turning point for Nano Lab’s broader vision of blockchain integration and treasury diversification.Furthermore, the move reflects Nano Labs’ commitment to establishing itself as a chipmaker and a dedicated cryptocurrency investor.The tech firm has gained traction for its HTC (high-throughput computing) and HPC (high-performance computing) chips and seems ready to test the volatile waters of crypto with long-term accumulation goals.Inside Nano’s $500M convertible notes agreementThe official announcement revealed multiple investors have settled to subscribe to convertible promissory notes worth $500 million.These notes will mature within a year (360 days) and won’t attract interest – a lucrative financial instrument for the expanding company.Moreover, investors may partially or convert these notes into Class A shares at $20 per share during the 360-day timeframe. The agreement has room for adjustment. Further, Nano Labs will repay unconverted notes upon maturity.While the agreement remained subject to standard closing terms, the announcement confirms Nano Lab’s calculated and bold bet to strengthen its crypto-centered growth strategy.Meanwhile, the firm will painstakingly evaluate Binance Coin’s value, long-term viability, and security before massive accumulations.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.BNB’s price outlookThe alt trades at $639 after gaining over 3% in the past 24 hours.Chart by CoinmarkectapBinance Coin has rallied from Sunday’s low of $603.Technical indicators demonstrate a potential momentum shift to the buyer side.The 4H MACD has bullishly crossed the signal line, with green histograms signaling upside trends.Also, the RSI at 55 suggests more room for short-term BNB gains.Broad-based recoveries and bullish announcements keep Binance Coin’s price elevated.The post Nano Labs sets sight on 10% of Binance Coin (BNB) supply after $500M deal appeared first on Invezz