Nano Labs will buy $50 million with a $1 billion plan to hold up to 10% of its supply.

Nano Labs (NA), a chip maker registered with NASDAQ, has snapped Binance's BNB worth around $50 million

Tokens to work towards the goal of owning 10% of the total supply.

The Hong Kong-based company said it purchased 74,315 bnbs in commercial transactions at an average price of nearly $672.45, increasing its digital asset reserves, including Bitcoin.

up to about $160 million.

The purchase is Nano Labs' first major step, with plans to allocate $1 billion to BNB, partially funded with a $500 million convertible note.

Nano Labs shares fell 4.7% on Thursday, reducing another 2.15% to $8.20 after opening hours.

The company is not just trying to accumulate BNB as a financial reserve asset. Later last month, a group of former hedge fund executives revealed plans to raise $100 million to buy cryptocurrency through NASDAQ-registered Shell Company.