Nano Labs Ltd, a Nasdaq-listed Chinese Web3 infrastructure and crypto mining chip design company, has initiated a $500 million convertible note agreement to accumulate Binance Coin (BNB) as part of its treasury strategy. The firm plans to acquire up to $1 billion worth of BNB, targeting approximately 5–10% of the total BNB supply. This move has led to a surge in Nano Labs' stock price, reflecting growing institutional interest in crypto-native assets. In the first round of the convertible notes deal, Nano Labs secured 600 Bitcoin (BTC), valued at $63.6 million, increasing its total BTC holdings to 1,000 coins. Recently, the company purchased 74,315 BNB tokens via over-the-counter transactions at an average price of about $672.45 per token, totaling roughly $50 million. This purchase expanded Nano Labs' digital asset reserves to approximately $160 million, positioning BNB alongside BTC as a core treasury asset. Separately, YZi Labs, the family office of Binance co-founders Changpeng Zhao and Yi He, is backing investment firm 10X Capital to launch a BNB Treasury Company in the United States. The new firm plans to list on a major U.S. exchange, aiming to provide investors with equity-based exposure to BNB. Binance CEO Changpeng Zhao noted that over 30 teams are exploring similar BNB treasury strategies, signaling a potential institutional shift toward BNB adoption.