Nano Labs holds 360 Bitcoins valued at $36.22M and plans a $50M Bitcoin investment.
Company expands crypto focus, accepting Bitcoin for payments and launching mining products.
Nano Labs raises $36.25M through a private share sale, accepting Bitcoin, USD, and USDT.
Nano Labs Ltd, a Chinese fabless integrated circuit design company, has revealed its Bitcoin exposure, announcing that it currently holds 360 Bitcoins valued at approximately $36.22 million.
https://twitter.com/BitcoinMagazine/status/1867217287066816813
This disclosure, made on December 12, 2024, reflects the company's increasing engagement in the crypto sector.
Along with this announcement, Nano Labs outlined plans to invest an additional $50 million in Bitcoin over the next five years, further cementing its commitment to digital assets as part of its long-term business strategy.
As of December 12, 2024, Nano Labs holds a total of 360 Bitcoins, which are worth around $36.22 million at current market prices. The company disclosed that the average cost per Bitcoin is $99,700, including transaction fees.
This acquisition occurred via the licensed virtual asset exchange, HashKey Exchange, based in Hong Kong. Bitcoin's recent price movement, nearing an all-time high of around $102,000, has coincided with Nano Labs' increasing Bitcoin exposure.
In addition to its Bitcoin holdings, Nano Labs has expanded its business operations to accommodate crypto transactions. The company announced in November 2024 that it would begin accepting Bitcoin as a payment method for its goods and services.
This decision was implemented through a business account on Coinbase, providing customers with greater flexibility in payment options.
Nano Labs recently raised $36.25 million through a private share sale, issuing 5,611,459 Class A ordinary shares at a price of $6.46 per share. Notably, the company accepted U.S. dollars, Bitcoin, and USDT payments for the sale, demonstrating its openness to digital currencies in its financial operations.
As part of its expansion into the crypto sector, Nano Labs has launched its V Series mining products, which feature the newly developed Cuckoo 3.0 chips. This technological advancement is part of the company’s effort to strengthen its position in the competitive mining hardware market.
The company’s plans also include a $50 million investment in Bitcoin over the next five years, signaling its dedication to further integrating digital assets into its operations.
In the first half of 2024, Nano Labs reported net revenue of $3.47 million, a decline attributed to reduced sales of its iPollo V1 Series products. Despite this, the company converted $8.5 million in interest-free loans into Class A ordinary shares, reflecting a shift in its capital structure.
