Nano Labs, a Nasdaq-listed Chinese Web3 infrastructure and chip design company, has initiated a $500 million convertible note agreement to accumulate Binance Coin (BNB) as part of its treasury strategy. The firm aims to build a BNB strategic reserve worth up to $1 billion, targeting 5–10% of the total BNB supply. Following this plan, Nano Labs has already purchased approximately 74,315 BNB tokens valued at around $50 million at an average price of $672.45 per token, expanding its digital asset reserves to about $160 million, which also include Bitcoin holdings. Subsequently, the company increased its BNB holdings by acquiring an additional 45,684 BNB tokens worth $34.8 million, bringing the total BNB reserves to 120,000 tokens valued at approximately $90 million. This accumulation has coincided with a surge in Nano Labs’ stock price and growing institutional interest in BNB despite regulatory scrutiny around Binance. Meanwhile, YZi Labs, the family office of Binance co-founders Changpeng Zhao and Yi He, is backing investment firm 10X Capital to launch a publicly traded BNB treasury company in the United States, aiming to provide investors with equity-based exposure to BNB and planning a U.S. exchange listing. In the broader market, Solana (SOL) briefly overtook BNB in market capitalization, reaching $107.43 billion compared to BNB’s $106.2 billion. However, BNB rebounded to hit new all-time highs, surpassing $800 per token with a market capitalization exceeding $110 billion, once again overtaking Solana. The token’s recent rally has been supported by rising open interest and institutional accumulation, with Binance celebrating BNB’s eighth anniversary alongside its milestone price growth of 800,000% since its ICO. BNB has also entered the top 200 global assets by market capitalization.