Nano Labs Ltd (NASDAQ:NA) shares are rising Tuesday after the company announced plans to raise $500 million through convertible senior notes and target a BNB treasury strategy.

What To Know: China-based web 3.0 infrastructure provider Nano Labs has entered into a convertible notes purchase agreement with several investors to issue $500 million of promissory notes.

The conversion price of the private placement has been initially set at $20 per ordinary share with a maturity date 360 days following issuance.

Nano Labs said it will also thoroughly assess the security and value of the BNB coin with plans to acquire $1 billion worth of the cryptocurrency via convertible notes and private placements. Longer term, the company is aiming to hold 5% to 10% of the total circulating supply of BNB.

Nano Labs previously adopted Bitcoin as its primary reserve asset. The company said in March that it held a total of about 400 Bitcoin purchased for around $40 million.

NA Price Action: Nano Labs shares were up 105% at $22.34 at the time of publication Tuesday, according to Benzinga Pro.

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