09:58 AM EDT, 06/24/2025 (MT Newswires) -- (Updates to include Nano Labs' ( NA ) recent stock movement in the headline and first paragraph.)

Nano Labs ( NA ) shares were up more than 100% in early Tuesday trading after the company said it has entered into a convertible notes purchase agreement to raise $500 million.

The company said it will issue convertible promissory notes to several investors, who have agreed to subscribe to the offering. The notes allow investors the option to convert their debt into Nano Labs ( NA ) equity at a later date, the company added.

Nano Labs ( NA ) said it will evaluate and plan to acquire $1 billion in BNB cryptocurrency with the new infusion as part of its initial investment phase, with the long-term goal of owning between 5% and 10% of BNB's total circulating supply.

Price: 22.38, Change: +11.49, Percent Change: +105.51