Nano Labs Boosts Bitcoin Holdings To 360 BTC Worth $36.22 Million
In the latest article developNano Labs Ltd, China’s leading fabless integrated circuit design company and product solutions provider, recently increased its holdings of Bitcoin through HashKey Exchange, a licensed virtual asset exchange in Hong Kong.
As of December 12, 2024, the company held a total of approximately 360 Bitcoins, currently worth approximately $36.22 million. The average acquisition cost of its Bitcoin holdings is approximately $99,700 per Bitcoin, including transaction fees.
The announcement comes amid volatile cryptocurrency market conditions, with companies and investors closely observing and weighing the stability of digital assets like Bitcoin.
Nano Labs will invest $50 million in Bitcoin
Additionally, in another recent development, Nano Labs announced a private stock sale worth $36.25 million. The company plans to accept payments in U.S. dollars, Bitcoin and USDT. Additionally, Nano Labs also revealed that despite a significant revenue decline and negative EBITDA, it still plans to invest $50 million in Bitcoin over the next five years.
This strategic move is expected to solidify Nano Labs’ position in the highly competitive cryptocurrency mining industry. The funds raised may be used to enhance the company’s technological capabilities and expand its market reach. As the demand for efficient mining solutions continues to grow, Nano Labs aims to leverage these resources to innovate and maintain its edge in the industry.
