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In a latest development, Nano Labs Ltd, a leading fabless integrated circuit design company and product solution provider in China, has recently increased its Bitcoin holdings through the licensed virtual asset exchange HashKey Exchange in Hong Kong.
As of December 12, 2024, the Company holds a total of approximately 360 Bitcoins, with a current value of approximately $36.22 million. The average acquisition cost of its Bitcoin holdings is approximately $99,700 per BTC, inclusive of transaction fees.
This announcement comes amid fluctuating cryptocurrency market conditions, as companies and investors closely observe and weigh in the stability of digital assets like Bitcoin.
Nano Labs To Invest $50M In Bitcoin
Additionally, in another recent development, Nano Labs announced a private share sale valued at $36.25 million. The company plans to accept payment in U.S. dollars, Bitcoin, and USDT. Additionally, Nano Labs has revealed plans to invest $50 million in Bitcoin over the next five years, despite a significant revenue decline and negative EBITDA.
This strategic move is expected to bolster Nano Labs’ position in the competitive cryptocurrency mining industry. The funds raised will likely be directed towards enhancing the company’s technological capabilities and expanding its market reach. As the demand for efficient mining solutions continues to rise, Nano Labs aims to leverage these resources to innovate and maintain its edge in the sector.