Nano Labs rebrands subsidiary to Nano bit, expands into Bitcoin ecosystem

The strategic rebranding of Hangzhou-based Nano Labs demonstrates commitment to blockchain development and international market growth.

Today, Nano Labs Ltd., China’s leading fabless integrated circuit design firm and product solutions provider, announced that its wholly owned subsidiary, Tsuki HK Limited, has been officially renamed Nano bit HK Limited. With this rebranding, Nano bit is re-entering the Bitcoin ecosystem and aims to create Bitcoin (BTC)-centric projects and businesses.

Nano Labs’ commitment to promoting blockchain infrastructure innovation is evidenced by Nano bit HK Limited’s planned focus on BTC ecosystem development.

While it remains unclear whether Nano Labs plans to keep BTC on its balance sheet, the chip designer emphasized that accepting the cryptocurrency “is aligned with its long-term vision.”

In pre-market trading, shares of Nano Labs are priced at $9.07, up 17.03% at the time of writing. It remains to be seen whether the rebranding news will have an ongoing impact on Nano Labs Ltd’s share price when the market opens today.

Nano Labs LTD 1D graphic | Source: Google Finance

Founded in 2019 by Kong Jianping and Sun Qifeng, Nano Labs is a China-based seamless IC design and product solution provider specializing in innovative chip architectures, storage systems and distributed computing. The firm went public in July 2022 and initially aimed to raise $50 million in its U.S. IPO, but ended up raising $20 million.

Nano Labs continues to lead the way in high-efficiency and high-performance computing solutions, with its flagship Cuckoo series chips such as Cuckoo 1.0, Cuckoo 2.0 and Darkbird 1.0 being among the first near-memory high-efficiency computing processors in the world. Sunday.

The establishment of Nano bit HK Limited furthers Nano Labs’ goal of promoting technological development while capitalizing on the growing importance of blockchain and cryptocurrency in international markets. With this project, the company hopes to increase its influence on the international stage and consolidate its leading position in blockchain infrastructure.

Given Nano Labs’ expertise in high-performance computing, this technology could greatly improve BTC mining processes. For example, the company’s Cuckoo series chips are used to improve power efficiency and hash rate performance, two important aspects of mining operations.

Power consumption and performance optimization are persistent problems for crypto mining hardware manufacturers such as Bitmain and MicroBT.