Nano Labs Secures $36.25M After Buying $5.5M in Bitcoin

Chinese fabless integrated circuit design company Nano Labs has announced the successful closing of a $36.25 million private placement.

The transaction, which was first announced in November, involved 5,611,459 Class A common shares at a purchase price of $6.46 per share. The share price was $6.46 each, and the transaction was structured to include payments in US dollars, Bitcoin (BTC) and USDT (Tether).

The new development comes a day after the company announced that it had purchased approximately 55.6 BTC. The figure is around $5.5 million. The company made this investment through Hashkey, a virtual property trading platform licensed in Hong Kong.

The Huangzhou-based company also announced that it will continue to closely monitor developments in the Bitcoin market and adjust its investment strategy.

Last month, Nano Labs started accepting Bitcoin payments for its products. Known for its high-tech solutions, the company opened a Coinbase account to facilitate these transactions in response to the growing demand for cryptocurrency payments across industries.

This decision also came amid the company's financial struggles. Nano Labs was founded in 2010. After its public offering in 2022, it experienced a sharp drop in its share price.

The company then released a statement:

“Nano Labs' acceptance of Bitcoin payments is in line with its long-term vision of staying at the forefront of technological advancements and delivering added value to customers around the world. With this new capability, the company is positioned to attract a wider range of partners and customers offering a progressive financing option.