Chinese fabless integrated circuit design company Nano Labs has announced that it has opened a Coinbase account and begun accepting Bitcoin payments for its products.

Its decision to expand its global transaction options coincides with Bitcoin reaching an all-time high of $90,000.

Nano Labs Turn to Bitcoin

In its official press release, Nano Labs stated that it is responding to the growing demand for digital currency transactions in the technology sector by accepting Bitcoin payments. As cryptocurrency adoption increases, particularly among businesses looking for efficient and secure methods for cross-border transactions, the company said its move reflects its intention to adapt to these changes.

It is important to note that Nano Labs decision to accept Bitcoin as a payment method comes at a time when the company has been navigating financial challenges, including a significant decline in its stock performance. After raising $50 million to go public in 2022, Nano Labs has had a rough ride on the stock market, with its share price dropping significantly from its all-time high of more than $96.

Shortly thereafter, it received a Deficiency Letter from Nasdaq, stating that it currently does not meet the minimum Market Value of Publicly Held Shares (MVPHS) requirement of $15 million. The notice was issued on July 11. However, Nano Labs managed to turn things around, meeting Nasdaqs criteria by October.

In an effort to boost its position, the company has now decided to accept Bitcoin payments, hoping to tap into the growing digital currency trend.

The Huangzhou-based company added,

Nano Labs’ acceptance for payments in Bitcoin aligns with its long-term vision of staying at the forefront of technology advancements and delivering added value to clients worldwide. With this new capability, the Company is positioned to attract a broader range of partners and customers who value progressive financial options.

Bitcoin Boosts Stock Prices

Following the success of companies like MicroStrategy, Semler Scientific, and Metaplanet, which saw stock surges after adopting Bitcoin, Nano Labs hopes to replicate similar results. The Michael Saylor-led business intelligence firms stock, for one, surged to an all-time high this week. It has witnessed over 2,000% increase since embracing Bitcoin in August 2020.

Meanwhile, medical diagnostics company Semler Scientific, which adopted the cryptocurrency as its primary treasury reserve asset in May this year, witnessed a nearly 150% rise in its stocks since then. While its revenues dropped, the company benefited from an increase in the fair value of its Bitcoin holdings, which now total 1,058 BTC.

Metaplanets shares, too, experienced strong performance following the announcement of further Bitcoin investments, which began in April. The companys year-to-date gains have now reached 1,067%.