Nano Labs secures $36.25 million after acquiring Bitcoin for $5.5 million

Chinese fabless IC design company Nano Labs has announced the successful close of a $36.25 million private placement.

The transaction, which was first disclosed in November, involved the issuance of 5,611,459 shares of Class A common stock 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 disclosed the purchase of approximately 55.6 BTC. His deposit is worth about $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 evolution of the Bitcoin market and adjust its investment strategy accordingly.

Last month, Nano Labs started 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 growing demand for cryptocurrency payments in industries.

That decision also came amid the company’s financial struggles. Nano Labs faced a sharp decline in stock prices since its 2022 IPO.

The company then released a statement saying:

“Nano Labs’ acceptance of Bitcoin payments aligns with its long-term vision to stay at the forefront of technological advancements and provide added value to customers around the world. With this new capability, the company is positioned to attract a wider range of partners and customers who value the progressive finance option.”

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

LIMITED OFFER for CryptoPotato readers on Bybit – Use this link to register and open a FREE $500 position with any currency!