Nano Labs Ltd, a fabless integrated circuit design company based in China, announced that it has acquired Bitcoin (BTC) 
$96,761. This announcement aligns with the company’s ongoing efforts to expand its cryptocurrency investments and strategic initiatives.
Bitcoin Reserves and Acquisition Cost
As of December 12, 2024, Nano Labs holds approximately 360 Bitcoins, valued at around $36.22 million. The company confirmed that the average acquisition cost of its Bitcoin assets, including transaction fees, is $99,700 per Bitcoin. The purchase was conducted through HashKey Exchange, a licensed virtual asset exchange based in Hong Kong.
The company stated that this move is consistent with its long-term strategy aimed at participating in the evolving digital economy.
Bitcoin Price Trends
Nano Labs’ announcements come during a renewed interest in Bitcoin. Recently, Bitcoin has bounced back to $102,000. This increase is linked to expectations of possible interest rate cuts by the Fed following the annual inflation report showing 2.7% inflation.
The Federal Reserve is anticipated to announce further interest rate cuts at its upcoming policy meeting. Speculators predict a quarter-point cut, but there is also a possibility that the Fed may pause cuts in January to assess the economic impacts of previous adjustments.
While Nano Labs invests in Bitcoin, Microsoft shareholders recently voted against a proposal for the company to purchase Bitcoin for its balance sheet.
Increasing its Bitcoin investments is seen as a strategic move by Nano Labs to strengthen its position in the digital asset market. The recent private share placement and payment flexibility practices support its financial stability and contribute to achieving growth objectives. Rising Bitcoin prices and overall market conditions are expected to positively influence Nano Labs’ future performance in the cryptocurrency sector.
