Based on reports, Nano Labs shares slid 4.5% during regular trading and another 2% in after‑hours to close at $8.20 on Thursday.
That drop came despite a previous rally when the firm unveiled a plan to sell $500 million in convertible notes to pay for crypto buys. The stock jumped over 100% after that funding news, but this week’s token purchase didn’t get the same reaction.
According to the company, its combined crypto wallet now holds about $160 million in BNB and Bitcoin. At today’s rate of around $658 per BNB, $50 million buys roughly 76 000 tokens.
According to a June 2024 Forbes report, Binance and its former CEO, Changpeng “CZ” Zhao, collectively control about 70% of the then‑circulating 147 million BNB tokens.
Anthony Scaramucci, who runs SkyBridge Capital, told Bloomberg that corporate crypto buys aren’t a sure win. He pointed out that if a firm takes $10 in funding and puts $8 into Bitcoin, shareholders might be better off just buying Bitcoin themselves. His view is that teams should lay out clear cost and profit maps before chasing big crypto stakes.
Nano Labs was set up in 2019 by Sun Qifeng and Kong Jianping after they left the board of Canaan. The Singapore‑based hardware maker listed in 2022 and focuses on high‑speed computing chips.
Their shift into crypto comes as more companies park part of their cash in digital coins. But market watchers will be looking to see if Nano Labs can juggle chip design, note sales and token buying without running into trouble.
Featured image from Unsplash, chart from TradingView
