Web 3.0 firm Nano Labs has stockpiled more BNB in its strategic reserve, growing total holdings to over 120,000 BNB, valued at approximately $90 million, as per an official press release by the company on Tuesday.
The company acquired a total of 45,684.9 BNB via OTC transactions at an average price of $764 per BNB token.
Nano Lab’s update mimics a growing list of companies that have opted to stash premium blue-chip cryptocurrencies in an attempt to capture growth in the digital asset market.
Typically, these companies will either sell shares, issue convertible notes or bonds, or create preferred categories of stock in order to raise funds to buy cryptocurrency in bulk.
Prominent examples include Strategy, Sharplink Gaming, and Metaplanet.
Investors can then, in theory, get exposure to these digital assets, but the underlying value of crypto exposure has been debated before, especially in the case of Strategy, the largest corporate holder of Bitcoin.
In 2024, the company first adopted Bitcoin as its choice of asset for a treasury strategy, later on moving to BNB as its preferred crypto, issuing convertible notes valued at $500 million to raise funds for the accumulation of BNB. Nano Labs has a long-term strategy of holding 5% to 10% of all circulating BNB in supply.