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

Chinese language fabless built-in circuit design firm Nano Labs has introduced the profitable closing of a $36.25 million personal placement.

The transaction, which was first disclosed in November, concerned the issuance of 5,611,459 Class A odd shares at a purchase order value of $6.46 per share. The shares have been priced at $6.46 every, and the transaction was structured to incorporate funds in US {dollars}, Bitcoin (BTC), and USDT (Tether).

The most recent development comes only a day after the corporate revealed buying roughly 55.6 BTC. Its stash is price round $5.5 million. The corporate made this funding by way of Hashkey, a licensed digital asset buying and selling platform based mostly in Hong Kong.

The Huangzhou-based firm additionally introduced that it’s going to proceed to carefully monitor the developments within the Bitcoin market and regulate its funding technique accordingly.

Final month, Nano Labs started accepting Bitcoin funds for its merchandise. The corporate, identified for its high-tech options, opened a Coinbase account to facilitate these transactions, responding to the rising demand for cryptocurrency funds throughout industries.

This resolution additionally got here amid monetary struggles for the corporate. Nano Labs confronted a steep decline in inventory costs since its public providing in 2022.

The corporate had then issued a press release saying,

“Nano Labs’ acceptance for funds in Bitcoin aligns with its long-term imaginative and prescient of staying on the forefront of expertise developments and delivering added worth to purchasers worldwide. With this new functionality, the Firm is positioned to draw a broader vary of companions and prospects who worth progressive monetary possibility.”