Nano Labs (NA), a Nasdaq-listed semiconductor manufacturer, has made a significant move by purchasing approximately $50 million worth of Binance’s BNB tokens as part of an ambitious strategy to acquire up to 10% of the cryptocurrency’s total supply.

The Hong Kong-based company acquired 74,315 BNB in an over-the-counter transaction at an average price close to $672.45 per token. This latest purchase increases Nano Labs’ total digital asset holdings, which also include bitcoin (BTC), to around $160 million.

This acquisition represents the initial major step in Nano Labs’ broader plan to invest as much as $1 billion in BNB. The company intends to finance this strategy partially through $500 million in convertible notes.

Despite the purchase, Nano Labs’ shares experienced a decline, dropping 4.7% on Thursday and slipping another 2.15% in after-hours trading to $8.20.

Nano Labs is not the only company aiming to bolster its treasury with BNB. Recently, a group of former hedge fund executives announced plans to raise $100 million to buy BNB via a Nasdaq-listed shell company, highlighting growing institutional interest in the token.