BNB, the native cryptocurrency of the Binance Exchange, showed an insignificant jump of 0.15% during Tuesday’s U.S. market session to trade at $642. The lack of buying pressure can be attributed to broader market uncertainty as Iran and Israel violated the ceasefire announcement just yesterday by U.S. President Donald Trump. However, institutional interest in this asset continues to grow, as just today, Nano Labs announced a $500 million convertible note issuance aimed at establishing a BNB trading strategy and accumulating a substantial amount of Binance coin. Will the news-driven demand push a rally to $700?
Nano Labs Bets Big on Binance Coin with $1 Billion Acquisition Plan
On June 24, NanoLabs Ltd., a China-based Web3 infrastructure and product solution provider, announced its initiative of establishing a BNB treasury strategy by raising $500 million through a private placement of convertible promissory notes.
According to the press release, the company has entered into a convertible notes purchase agreement with several unnamed investors. These notes, amounting to $500 million, are set to mature in 360 days and will not bear any interest during this period. Notably, the notes are unsecured general obligations of the company.
The investors have the option to convert these notes, either in whole or in part, into the company’s Class A ordinary shares at an initial conversion rate of $20 per share, subject to standard adjustments outlined in the agreement.
The agreement marks a significant step toward Nano Labs’ long-term goal. Initially, the company tends to acquire $1 billion worth of BNB using the proceeds from the nodes and private placements. As of now, Nano Labs aims to hold 5-10% of BNB’s total circulating supply, accentuating their confidence in Binance Coin’s future value.
This development marks a significant influx of institutional capital into the BNB ecosystem, thereby bolstering demand pressure for this cryptocurrency.
BNB Price Nearing a Major Breakout
Over the last 48 hours, the BNB price has shown a notable bounce, rising from $662 to $643, with the current trading value accounting for a 4.6% gain. The buying pressure was primarily driven by the ceasefire announcement between Iran and Iraq. However, as these countries violated the ceasefire, the crypto market struggles to maintain its momentum.
However, the Binance coin shows the potential for a bullish bounce amid the formation of a pennant pattern. Since late May 2025, the coin price has been consolidating within two converging pennants of this structure, an attempt to recover the exhausted bullish momentum.
The BNB price is currently less than 1% short of challenging the pattern’s upper boundary at $650. A potential breakout will signal the continuation of a bullish trend and push BNB for a rally above $700.
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