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Nano Labs Plans $500 Million Convertible Note Sale for 
$BNB Treasury Strategy
Chinese chip designer Nano Labs has announced plans to raise $500 million through zero-coupon convertible promissory notes to build a $BNB treasury.
The notes mature in 360 days and convert to Class A shares at $20 each.
Nano Labs secured investor subscriptions and may double the offering to purchase up to $1 billion worth of $BNB in phase one.
The company's shares surged nearly 200% in pre-market trading, pushing market value above $181 million.
$BNB currently has a $93 billion market capitalization with 145.9 million tokens in circulation.
Most companies have favored 
$BTC for crypto #treasury strategies, with few choosing alternative assets like 
$ETH or 
$SOL.
Nano Labs becomes the second firm this week targeting $BNB after Build & Build Corporation announced plans to raise $100 million for similar purposes.
