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Nano Labs Secures $36.25 Million After $5.5 Million Bitcoin Acquisition

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Chinese fabless integrated circuit design company Nano Labs has announced the successful closing of a $36.25 million private placement.

The transaction, which was first disclosed in November, involved the issuance of 5,611,459 Class A ordinary shares at a purchase price of $6.46 per share. The shares were priced at $6.46 each, and the transaction was structured to include payments in US dollars, Bitcoin (BTC), and USDT (Tether).

The latest development comes just a day after the company revealed purchasing approximately 55.6 BTC. Its stash is worth around $5.5 million. The company made this investment through Hashkey, a licensed virtual asset trading platform based in Hong Kong.

The Huangzhou-based company also announced that it will continue to closely monitor the developments in the Bitcoin market and adjust its investment strategy accordingly.

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Last month, Nano Labs began accepting Bitcoin payments for its products. The company, known for its high-tech solutions, opened a Coinbase account to facilitate these transactions, responding to the increasing demand for cryptocurrency payments across industries.

This decision also came amid financial struggles for the company. Nano Labs faced a steep decline in stock prices since its public offering in 2022.

The company had then issued a statement saying,

“Nano Labs’ acceptance for payments in Bitcoin aligns with its long-term vision of staying at the forefront of technology advancements and delivering added value to clients worldwide. With this new capability, the Company is positioned to attract a broader range of partners and customers who value progressive financial option.”

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