Chinese Company Heavily Invested in This Altcoin: "Our Goal is to Hold 5 to 10 Percent of the Total Supply"

China-based Web 3.0 infrastructure provider Nano Labs, listed on Nasdaq, announced that it has bought 74,315 Binance Coin (BNB). The company executed this transaction through the over-the-counter market (OTC) and made a purchase of approximately 50 million dollars worth of BNB at an average unit price of 672.45 dollars.

With this move, Nano Labs’ total reserves in digital assets such as Bitcoin and BNB reached 160 million dollars. In a press release, the company described this purchase as the “first step of the BNB strategic plan,” reiterating its determination to increase BNB assets in the long term.

Nano Labs announced that it will conduct comprehensive analyses regarding the security and long-term value of BNB, stating that in the first phase, they aim to purchase up to 1 billion dollars worth of BNB through convertible bonds and private sales. The company’s long-term plan is to hold 5% to 10% of the total circulating supply of BNB.

The BNB price has lost approximately 1% in value over the past month. In the same time period, the Bitcoin price has risen by approximately 3%.