Nano Labs Begins $1B BNB Buy Plan as Crypto Treasuries Face Investor Scrutiny
Chinese chipmaker Nano Labs has taken a bold step into the crypto world, confirming its first major purchase of Binance Coin (BNB) as part of a long-term strategy to hold up to 10% of the token’s total circulating supply. The company revealed on Thursday that it has bought $50 million worth of BNB, kicking off a plan that could see it eventually accumulate as much as $1 billion in the digital asset.
Nano Labs Ltd.Founded in 2019 by former Canaan executives Kong Jianping and Sun Qifeng, Nano Labs focuses on high-performance computing chips and went public in 2022. As of now, its crypto holdings — including Bitcoin — total approximately $160 million.
🚨 BREAKING 🚨
— Nano Labs (@NanoLabsLtd) July 3, 2025
Nano Labs just acquired approximately $50M worth of $BNB via OTC — bringing our mainstream digital asset reserve to around $160M.
🔗https://t.co/MrgpeSN0NB pic.twitter.com/XvrlnsqtMC
Despite the ambitious move, the market’s response was lukewarm. Nano Labs’ stock dipped over 4.7% during Thursday’s trading session, with an additional 2% drop in after-hours trading, closing at $8.21. Meanwhile, BNB’s price held relatively steady, rising just 0.3% to around $663.
Aiming for a Tenth of BNB Supply
Nano Labs’ goal of holding 5% to 10% of BNB’s circulating supply is a lofty one. Based on CoinGecko data, BNB currently has a circulating supply of nearly 146 million coins and a market cap of $93.4 billion. To buy 10% of the supply at current prices would cost close to $926 million.
However, acquiring that share won’t be easy. Binance regularly conducts token burns that shrink the total supply of BNB, originally capped at 200 million. According to a June 2024 Forbes report, Binance and its former CEO Changpeng Zhao still collectively control around 71% of BNB’s circulating supply — a concentration that could complicate any large-scale acquisition by outsiders.
Skepticism Over Crypto Treasuries
As more companies explore the idea of holding digital assets on their balance sheets, not everyone is convinced it's a lasting trend. Hedge fund manager Anthony Scaramucci, founder of SkyBridge Capital, questioned the long-term appeal of crypto treasuries in a recent Bloomberg interview.
Teresa Xie
Scaramucci argued that investors may start to bypass companies holding crypto in favor of simply buying the assets directly.
“The question is, if you’re giving somebody $10 and they’re putting $8 into Bitcoin, are they going to do well? Yes. But you might have been better off just putting $10 into Bitcoin,” he said.
Though bullish on Bitcoin itself, Scaramucci emphasized that investors need to look closely at the costs and complexities involved with crypto-heavy corporate treasuries. He cautioned that enthusiasm for these strategies may fade as markets mature.