Nano Labs, a Nasdaq-listed Chinese Web3 infrastructure and crypto mining chip design company, has embarked on a strategic initiative to accumulate Binance Coin (BNB) as a core part of its corporate treasury. The firm announced a $500 million convertible note agreement to fund this treasury strategy, with plans to acquire up to $1 billion worth of BNB, targeting 5-10% of the total BNB supply. Following this announcement, Nano Labs' stock price surged significantly. As part of its accumulation efforts, Nano Labs purchased approximately 74,315 BNB tokens valued at around $50 million at an average price of $672.45 per token, bringing its total digital asset reserves, including Bitcoin and BNB, to about $160 million. Later, the company further expanded its BNB holdings by acquiring an additional 45,684 BNB worth $34.8 million at an average cost of $707 per token, increasing its total BNB holdings to approximately 120,000 tokens valued at $90 million. This accumulation coincides with a period of rising institutional interest in BNB and the Binance ecosystem, despite ongoing regulatory scrutiny. Concurrently, YZi Labs, the family office of Binance co-founders Changpeng Zhao and Yi He, is backing 10X Capital in launching a publicly traded BNB treasury company in the United States, aiming to provide investors with equity-based exposure to BNB through a planned U.S. exchange listing. In the broader market, BNB has experienced a series of new all-time highs, reaching prices above $850, driven by growing institutional accumulation and market momentum. Notably, BNB briefly lost its position as the fifth-largest cryptocurrency by market capitalization to Solana but later reclaimed it amid these gains.