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Nano Labs, a publicly traded Chinese company that manufactures Web3 infrastructure and mining chips, announced it acquired 74,315 Binance Coins (BNB). This significant strategic shift marks a bold move for the company, which previously focused on Bitcoin (BTC). Last year, it made headlines by purchasing $55 million worth of Bitcoin and designating it as a reserve asset.

These developments suggest that Nano Labs is implementing a well-planned strategy to capitalize on the recently passed Stablecoins Bill, set to take effect at the beginning of August. The total transaction is valued at approximately $50 million, with an average price of $672.45 per coin.

Binance’s native token, BNB, is currently the fifth-largest cryptocurrency by market capitalization, worth $100 billion. The founder of Binance, Changpeng Zhao (CZ), has expressed support for this move.

The business has specifically referenced creating regulatory frameworks for Bitcoin and Bitcoin-Number (BTC) and plans to apply for a stablecoin license in Hong Kong. As a result of this acquisition, they now hold about $160 million in total digital currency reserves, including Bitcoin and Binance Coin.

Although Nano Labs is the first publicly traded company to hold BNB in its reserves, other companies are beginning to do the same. The company also announced before the end of last year that it had started accepting Bitcoin payments.

Accepting Bitcoin aligns with Nano Labs’ long-term goal of staying at the forefront of technological development and providing value to customers worldwide. This new capability positions the company to attract more partners and clients who value innovative financial solutions.