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The price of BNB has soared to a new all-time high at $860, with institutional interest in the cryptocurrency rising as more publicly traded companies add BNB as a treasury asset.
Among the key players driving this momentum is Nano Labs Ltd, a leading web3 infrastructure and product solution provider in China.
The company, listed on Nasdaq, has significantly bolstered its BNB holdings to add to the token’s potential bullish momentum towards $1,000.
Nano Labs buys more BNB, now holds 128,000 tokens
Nano Labs announced on July 28 that it had increased its BNB holdings to 128,000 tokens.
According to Nano, the new purchases have pushed the company’s holdings to over $108 million at the market price of $850 per BNB.
The company said it recently acquired an additional 8,000 BNB tokens through an over-the-counter (OTC) transaction.
Nano scooped the tokens at an average price of $801 per token.
With an average acquisition cost of $713 per token across its portfolio, Nano Labs’ strategic reserve reflects a calculated bet on BNB’s future growth.
🚨 Official Update Nano Labs has increased its $BNB holdings to 128,000 tokens. Based on the current market price of US$850 per BNB, the total value of the Company’s BNB strategic reserve now exceeds US$108 million. This marks the latest advancement in Nano Labs’ long-term
Buying more of Binance’s native token aligns with Nano Labs’ long-term BNB reserve strategy, the company said.
The buys do more than make Nano a top holder of BNB – it allows it to deepen its integration within the growing BNB ecosystem.
Notably, Nano Labs’ leadership has also emphasised that its decision to add the cryptocurrency to its balance sheet aligns with its broader crypto vision.
Nano wants to capitalise on the expanding adoption of BNB in decentralised finance and blockchain infrastructure.
With 128,000 tokens, Nano Labs is now a significant stakeholder in the BNB market.
BNB price – is the next target $1,000?
Nano Labs’ latest buy saw BNB price briefly surpass the $860 mark as the altcoin extended its gains amid new all-time high moves.
BNB traded around $846, per CoinMarketCap, with its market cap rising to $119 billion.
Daily volume rose to above $3.4 billion with a 94% increase.
This surge of BNB’s price above $800 has sparked trader speculation about the cryptocurrency’s next milestone.
Notably, analysts are eyeing $1,000 as the next psychological barrier, with BNB showing greater resilience amid strong fundamentals.
BNB Chain’s growth and institutional interest, exemplified by Nano Labs’ aggressive accumulation strategy, are key factors to consider for BNB.
Upside momentum may also be helped by the anticipation around spot crypto exchange-traded funds.
Solana, XRP and Litecoin lead in this respect, but there’s a lot of upbeat sentiment around BNB and other coins.
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