For now, Nano Labs maintains a hybrid business model.
Analyst qualifies Nano Labs’s ambitions as “extremely high and unrealistic.”
Nano Labs, a technological company born as a manufacturer of ASIC chips for Bitcoin mining, is living a metamorphosis promoted, in large part, by BNB, the cryptocurrency created by Exchange Binance. It is a given turn in a context of low profitability in its main hardware unit, which led its managers to look for better options.
In 2024, the total income of Nano Labs for the sale of specialized chips for mine Bitcoin barely exceeded 5.6 million dollars. This, despite innovations such as Cuckoo 3.0 chips and FPU 3.0, which offered 83% higher energy against previous models. Although designed for small -scale mining, with low consumption and silent operation, The products did not generate the expected traction in the global market.
On the other hand, the company, founded in 2019 in Hangzhou and listed in the stock market since 2022, told a stock capitalization of 139 million dollars at the end of 2024. In addition, in their balance sheet were 4.5 million in cash and a debt close to 27 million, which limited its operational margin.
In the following graph you can see the income received by Nano Labs only for its Bitcoin mining chips business:
All of the above was the necessary incentive to arouse the strategic interest in cryptocurrencies. This idea gained greater weight in the first months of the year and it was not until June 2025 when Nano Labs He issued Notes for 500 million dollars to finance a new stage: the accumulation of 400 bitcoin reserves (BTC) and 120,000 BNB, reaching a combined total of USD 160 million.
Along with the increase in exposure to cryptoactive, Nano Labs announced that its Treasury unit in Bitcoin and BNB would be an autonomous operational division. Within that framework, he also presented plans to launch a Stablecoins platform called Nbnb.io, in collaboration with Orbiter Finance, with support in the Hongkonese dollar (HKD) and the Chinese Yuan Offshore (RMB). Its launch is scheduled for the fourth quarter of 2025.
The ambition does not end there. According to your strategic plan, Nano Labs aims to control between 5% and 10% of BNB circulating supply. This goal implies an investment between USD 5,300 and 10.6 billion dollars, based on a BNB market capitalization of 106.7 billion.
A growing trend
This Nano Labs strategy, to rely on a strategic reserve of digital assets, is part of a recent trend: technology or risk capital companies are already beginning to position themselves as institutional actors within the BNB ecosystem. This group also appears Windree Technologies, signing of the biotechnological sector that announced its decision to open a BNB treasury and finance the purchase with debt, as reported by cryptootics.
This dynamic has led the founder of Binance, Changpeng Zhao, to affirm that a “BNB Microstrategy” is brewing, referring to the model adopted by the American company Microstrategy, which since 2020 has consolidated a reserve that, currently, exceeds 600,000 Bitcoin.
Now, Nano Labs, unlike Strategy, continues to combine hardware operations with cryptocurrency investments. Although it retains its ASIC product portfolio, His operational priority has moved to digital finances.
In its most recent quarterly presentation, the company explained that its web3 strategy includes the development of technical infrastructure for stablcoins compatible with BTS and BNB chains, with integration in interoperability environments.
However, the risk is latent. Nano Labs has already burned more than 24 million dollars in cash during 2024. And, although it does not plan to sell its cryptocurrencies to finance operations, It depends on the evolution of the prices of BTC and BNB to maintain the viability of its new roadmap.
In addition, the commitment to the stablecoin nbnb.io also faces obstacles. The global market is already dominated by USDT and USDC, two regulated stablcoins and with extensive adoption. Positioning in that niche involves competing in a consolidated environment, where differentiation will be key. Likewise, achieve regulatory licenses in Hong Kong, operate with two different Fíat currencies and maintain effective parity with support in bank reserves raises the technical and legal complexity of the project.
As the analyst Myriam Alvarez sees it, Nano Labs’s ambitions, although they are high, are also “possibly unrealistic.”
“The intention of controlling a significant part of the BNB ecosystem and launching a competitive stablin says The specialist.
And he adds that, for these reasons, Nano Labs is outlined as a “high -risk” play than a traditional chips manufacturer. “Although the reward potential exists, uncertainty is high. Consequently, it is recommended to maintain a neutral position at the moment,” said Alvarez.
A favorable measure
Despite these challenges exposed by the analyst, the purchase of BNB has been favorable, at least until now. The asset maintains an upward trend, so much that it has marked historical maximums in recent hours, reaching up to 860 dollars and accumulating annual increases of 86%.
Not to mention Bitcoin, which accumulates a sustained growth of 30% so far this year, from $ 94,000 to USD 118,000, reaching $ 123,000 records, as cryptootics has been reported.
In general, the positive performance of both assets that make up the Nano Labs reserves, has favored the company’s yields. And more than that, they have partially validated their strategy of maintaining BNB and Bitcoin in the long term.
The latter has been reflected in the company’s shares, which increased explosively by 726% in a matter of 20 days since the BNB corporate reserve was announced at the beginning of June. And although they have corrected to USD 8.10 at the close of this report, Nano Labs shares have increased 71.2% after three monthsas can be seen in the following graph:
Even so, analyst Alvarez insists on her alert since, although she believes that the growth potential exists, it is conditioned to the sustained appreciation of digital assets and the success of their projects.
In any case, BNB transformed Nano Labs, moving it away from its original profile as a mining chips designer and taking it to investment in digital assets with great capitalization and potential for revaluation, but without abandoning its origins.
In essence, it is a clear evolution towards a hybrid model, focused on reserves and infrastructure development. Something that redefines its identity in the market, because what began as a modest operation of semiconductors, Today it seeks to position itself as a platform with global aspirationsand just at a time when BNB lives one of its most expansive cycles.
