Chinese Corporation Accumulating Significant Amounts of BNB, Aspirations to Hold $1 Billion in Value
In a significant development for the crypto industry, two prominent companies have announced plans to hold Binance Coin (BNB) in their corporate treasuries. Among them is Nano Labs Ltd., a Chinese company specializing in the production of mining chips and Web3 infrastructure, which has already made an initial purchase of 74,315 BNB.
Nano Labs, currently ranked 31st in the list of corporate treasuries holding the leading asset, has invested approximately $50 million in BNB, with plans to expand this to around $1 billion worth. This move positions Nano Labs to attract a broader range of partners and customers who value progressive financial options, as they are now able to accept Bitcoin payments, a capability they introduced at the end of last year.
The other company planning to hold BNB is the Build & Build Corporation, a Nasdaq-listed public firm that will be renamed in the near future. This group consists of former hedge fund executives, including Patrick Horsman, Joshua Kruger, and Johnathan Pasch, who aim to raise $100 million to acquire BNB as the primary treasury asset. If successful, Build & Build Corporation would be the first public company to adopt BNB as a reserve currency, giving its investors indirect exposure to the token.
Binance Coin, the native token of the leading crypto exchange, currently holds a market cap of around $100 billion, making it the fifth-largest cryptocurrency according to CoinGecko data. The founder of Binance, Changpeng Zhao (CZ), remains extremely supportive of Nano Labs' initiative to acquire BNB, but did not participate in the fundraiser.
Nano Labs' total reserve of digital currencies, including both Binance Coin and Bitcoin, is approximately $160 million. The company has also announced plans to apply for a stablecoin license in Hong Kong and has specified building regulatory frameworks for Binance Coin and Bitcoin. In addition, Nano Labs has stated that this move is part of its long-term vision to stay at the forefront of technology advancements and deliver added value to clients worldwide.
At this time, these two companies are the only ones known to be holding or planning to hold BNB in their corporate treasuries. The article does not contain any advertisements for Binance or Bybit.
- Nano Labs, a Chinese company known for its production of mining chips and Web3 infrastructure, has invested approximately $50 million in Binance Coin (BNB), with plans to expand this to around $1 billion worth, making it the 31st corporate treasury holding BNB.
- The Build & Build Corporation, a public firm aiming to raise $100 million to acquire BNB as their primary treasury asset, consists of former hedge fund executives intending to give their investors indirect exposure to the token, as they plan to be the first public company to adopt BNB as a reserve currency.
- Binance Coin, the fifth-largest cryptocurrency with a market cap of around $100 billion, is now held by two prominent companies in their corporate treasuries due to its association with the leading crypto exchange, Binance.
- Nano Labs, besides investing in BNB, also accepts Bitcoin payments and has plans to apply for a stablecoin license in Hong Kong, aiming to build regulatory frameworks for Binance Coin and Bitcoin as part of its long-term vision to stay at the forefront of technology advancements and deliver added value to clients worldwide.
