Chinese microchip company Nano Labs has officially launched a plan to hold up to 10% of the total circulating supply of BNB, having made an initial purchase of $50 million of the asset.
Nano Labs reiterated on Thursday that its long-term goal is to purchase up to $1 billion worth of BNB and hold between 5% to 10% of the total circulating supply.
The company stated that the recent purchase has brought its holdings in BNB and Bitcoin (BTC) to approximately $160 million.
Nano Labs was founded in 2019 by Kong Jianping and Sun Qifeng, following the expiration of their terms on the board of Singapore-based computer hardware manufacturer Canaan Creative. The company went public in 2022 and primarily produces high-throughput computing chips and high-performance computing chips.
Despite Nano Labs' initial announcement of a plan to issue $500 million in convertible bonds to fund its BNB asset reserve, which saw its stock price rise over 106%, the latest purchase did not impress investors.
After Nano Labs' recent acquisition of BNB, its stock price fell over 4.7% during regular trading hours on Thursday, and further declined by 2% in after-hours trading, with a trading price of $8.21.
BNB saw a slight increase, rising 0.3% in the past 24 hours, with a trading price of approximately $663 per coin.
According to CoinGecko, BNB has a market capitalization of $93.4 billion, with a circulating supply of 145,887,575 coins.
Purchasing 10% of the current supply at market price would require approximately $926 million.
The initial supply of BNB was set at 200 million coins, but the supply is gradually decreasing due to the token burn initiated by Binance to reduce the circulating amount.
A Forbes report in June 2024 noted that Binance and its former CEO Zhao Changpeng "CZ" collectively held 71% of the 147 million BNB in circulation at that time.
Cointelegraph has reached out to BNB for further comment.
An increasing number of companies are choosing to hold cryptocurrencies as asset reserves; however, according to a report by Bloomberg on Tuesday, hedge fund SkyBridge Capital founder and managing partner Anthony Scaramucci believes this interest will not last.
In the long run, Scaramucci believes investors will question the rationale of investing in companies that hold valuable assets, as they could directly purchase those assets.
"The question is, if you give someone $10 and they put $8 into Bitcoin, will they do well? Yes. But you might do better by putting the $10 directly into Bitcoin. I think that's a question," he told Bloomberg.
He added that he is optimistic about Bitcoin and is "not negative" about companies buying cryptocurrencies, but as an investor, he believes "you have to examine the potential costs associated with each asset reserve company."
Related: Gate, Robinhood, Bybit all join the fray: What’s behind the resurgence of tokenization in U.S. stocks?
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