Nano Labs Shares Rise After Acquiring More BNB Tokens

By Connor Hart

Shares of Nano Labs climbed after the company said it acquired an additional 8,000 BNB tokens for approximately $801 apiece, increasing its total holdings to 128,000 tokens.

The stock rose 7.3%, to $7.79, in premarket trading Monday. Through Friday's close, shares have gained nearly 90% over the past year.

The computer chip maker said before the bell that the total market value of its BNB holdings is approximately $108 million, based on current market prices.

BNB, previously also known as the Binance Coin, is a cryptocurrency coin created and issued by Biancane, a cryptocurrency exchange.

Looking ahead, Nano Labs said it plans to further strengthen its strategic position within the BNB ecosystem by continuing to accumulate BNB tokens, acquiring controlling interests in companies focused exclusively on BNB reserves and investing in leading BNB-centric enterprises.

Write to Connor Hart at connor.hart@wsj.com