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 non-public placement.

The transaction, which was first disclosed in November, concerned the issuance of 5,611,459 Class A extraordinary 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 value round $5.5 million. The corporate made this funding by 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 intently monitor the developments within the Bitcoin market and modify 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 determination 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 an announcement 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 clients who worth progressive monetary choice.”