Nano Labs (NA), a Nasdaq-listed designer of high-throughput computing chips, has struck a private agreement to sell $500 million in convertible notes that mature in 360 days to buy Binance's BNB BNB$641.14 token for its balance sheet.The unsecured notes will carry no coupon and can be swapped at any time for the company’s Nasdaq-traded Class A shares at an initial price of $20. If investors hold to term, Nano Labs must repay the principal in full. The firm said in a press release that the raise is the first step in a treasury program built around Binance’s BNB. The company intends to buy as much as $1 billion in BNB through note sales and other private placements, with a long-term goal of owning 5%–10% of the token’s circulating supply. BNB’s total market capitalization currently stands at $90.3 billion. Nano Labs will evaluate BNB’s security and value before making the move. The firm pointed out that the agreement isn’t yet closed. Nano Labs’ shares surged more than 100% since the announcement was made to now trade at $22. Its press release comes shortly after a group of former hedge fund executives revealed plans to raise $100 million to buy BNB through a Nasdaq-listed shell company.