Nano Labs, a Chinese Web3 provider, has seen its NA stock surge on Tuesday by nearly double after announcing a plan to buy $1 billion worth of Binance Coin (BNB). The company announced a plan to sell $500 million in convertible notes to acquire the BNB cryptocurrency. Nano Labs’ plan mimics that of other big companies like Strategy and Classover, to invest into the growing crypto industry.

“The notes will mature in 360 days following the issuance, with no interest accruing on the outstanding principal amount,” Nano Labs wrote in a press release. “During 360 days from the date of these Notes, the Notes are convertible, in whole or in part, into the Class A ordinary shares of the Company (the “Ordinary Shares”) at the option of the holder thereof. The conversion price is initially US$20 per Ordinary Share, subject to adjustment as set forth in the Notes.” The company has also said that several investors have already agreed to subscribe to the notes.

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Nano Labs further explained that the Binance Coin buy plan “marks an important step in the Company’s strategic growth.” The company’s long-term strategy is “to hold 5% to 10% of BNB’s total circulating supply.” Currently, Binance coin (BNB) is the fifth largest cryptocurrency by market cap, worth $640 at press time. The news from Nano Labs is also fueling a slight hike in price for the cryptocurrency by 3% on Tuesday, with the asset looking to escape a dip from the last 30 days.

Nano Labs shares doubled to as much as $22 at their highest on Tuesday, marking a 2-year high. The stock is trading near the top of its 52-week range and above its 200-day simple moving average. Meanwhile, Binance’s BNB coin has faced a substantial correction over the last month, following a market-wide selloff. The asset climbed to an all-time high of $788.84 on Dec. 4 of last year. BNB’s price has fallen by more than 19% since its 2024 peak.