Nano Labs Announces Bitcoin Holdings Exceed 360 BTC, Valued at Over US$36 Million

Rhea-AI Summary

Nano Labs (Nasdaq: NA), a leading fabless integrated circuit design company in China, has announced a significant increase in its Bitcoin holdings. As of December 12, 2024, the company possesses approximately 360 Bitcoins, valued at around US$36.22 million. This acquisition was facilitated through the licensed virtual asset exchange HashKey Exchange in Hong Kong. The average acquisition cost for these Bitcoin holdings is approximately US$99,700 per BTC, inclusive of transaction fees.

Positive

• Increased Bitcoin holdings to 360 BTC, valued at over US$36.22 million.
• Acquisition facilitated through a licensed virtual asset exchange, HashKey Exchange.

Negative

• High acquisition cost of approximately US$99,700 per BTC, which could pose a financial risk if Bitcoin prices drop.

News Market Reaction

+5.03%

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+5.03% News Effect

On the day this news was published, NA gained 5.03%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

HONG KONG, Dec. 12, 2024 /PRNewswire/ -- Nano Labs Ltd (Nasdaq: NA) ("we", the "Company" or "Nano Labs"), a leading fabless integrated circuit design company and product solution provider in China, today announced that it has recently increased its Bitcoin (BTC) holdings through the licensed virtual asset exchange HashKey Exchange in Hong Kong.

As of December 12, 2024, the Company holds a total of approximately 360 Bitcoins, with a current value of approximately US$36.22 million. The average acquisition cost of its Bitcoin holdings is approximately US$99,700 per BTC, inclusive of transaction fees.

About Nano Labs Ltd

Nano Labs Ltd is a leading fabless integrated circuit ("IC") design company and product solution provider in China. Nano Labs is committed to the development of high throughput computing ("HTC") chips, high performance computing ("HPC") chips, distributed computing and storage solutions, smart network interface cards ("NICs") vision computing chips and distributed rendering. Nano Labs has built a comprehensive flow processing unit ("FPU") architecture which offers solution that integrates the features of both HTC and HPC. Nano Lab's Cuckoo series are one of the first near-memory HTC chips available in the market*. For more information, please visit the Company's website at: ir.nano.cn.

* According to an industry report prepared by Frost & Sullivan.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company's plan to appeal the Staff's determination, which can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

For investor inquiries, please contact:

Nano Labs Ltd
ir@nano.cn 

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com

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SOURCE Nano Labs Ltd

FAQ

What is the current value of Nano Labs' Bitcoin holdings?

As of December 12, 2024, Nano Labs' Bitcoin holdings are valued at approximately US$36.22 million.

How many Bitcoins does Nano Labs hold?

Nano Labs holds approximately 360 Bitcoins.

Through which exchange did Nano Labs increase its Bitcoin holdings?

Nano Labs increased its Bitcoin holdings through the licensed virtual asset exchange HashKey Exchange in Hong Kong.

What is the average acquisition cost of Nano Labs' Bitcoin holdings?

The average acquisition cost of Nano Labs' Bitcoin holdings is approximately US$99,700 per BTC, inclusive of transaction fees.