Nano Labs Soars 168% on $500M BNB Treasury Strategy via Convertible Notes

Nano Labs Ltd (NASDAQ: NA) shares surged 168% on Tuesday following the announcement of a $500 million convertible notes offering designed to accumulate BNB. The Hong Kong-based Web 3.0 company aims to gather $1 billion worth of BNB through a mix of convertible notes and private placements, targeting 5% to 10% of the cryptocurrency's circulating supply.

The stock skyrocketed from $10.89 to an intraday peak of $29.18 before closing at $14.85, with after-hours trading dipping further to $13.55. The zero-interest convertible notes, maturing in 360 days, feature an 84% conversion premium at $20 per share—a bold wager on BNB's price appreciation despite inherent execution risks.

Market volatility reflects speculative enthusiasm reminiscent of corporate Bitcoin adoption trends, though profit-taking emerged as investors weighed the strategy's potential against operational uncertainties. Nano Labs' aggressive treasury move highlights growing institutional interest in cryptocurrency reserves as a core asset class.