Nasdaq-Listed Mining Chip Giant Nano Labs To Begin Accepting Bitcoin Payments
Chinese chips producer Nano Labs is now accepting Bitcoin payments, aiming to boost its stock performance and expand its global reach. | Credit: Matthew Horwood/Getty Images
- Nano Labs, a Chinese semiconductor company, will start accepting Bitcoin payments.
- The announcement has positively impacted Nano Labs’ stock price, significantly increasing shares.
- Nano Labs’ decision to accept Bitcoin may also be a strategy to improve its stock performance.
Chinese semiconductor company Nano Labs will start accepting Bitcoin payments for its products.
This strategic decision could revitalize the company’s customer base and stock performance, which has struggled since its IPO.
Nano Labs Accepts Bitcoin Payments
Nano Labs Ltd., a Chinese IC design company known for its high-performance computing solutions, has steadily built its reputation in the industry with expertise spanning high-throughput computing, distributed computing, smart network interface cards, vision computing, and distributed rendering.
Now, the semiconductor producer is taking a strategic step toward innovation in financial technology by opening a Coinbase business account. This move aims to streamline digital transactions and expand its global reach, leveraging cutting-edge financial solutions.
“In response to the increasing demand for digital currency transactions in the technology sector, Nano Labs has taken this step to provide clients and partners with greater payment flexibility,” the company said.
Following the announcement, Nano Labs stock on Nasdaq gained 2.2%, and it continues to rise today, with pre-market trading showing a 6.4% increase to $3.50 per share.
Boost To NA Stock?
Nano Labs began its journey on Nasdaq in July 2022, raising $50 million in its IPO. However, its stock has since struggled, plunging nearly 95% since listing.
Earlier this year, the Nasdaq issued a notice to Nano Labs, citing its failure to meet the minimum $15 million market value requirement over 30 days.
In response, the company managed to regain compliance by maintaining the necessary market value for ten consecutive days by Oct. 9.
Now, with the semiconductor producer accepting Bitcoin payments for its products, Nano Labs is aiming to reignite investor interest and improve its stock performance.
This move reflects a growing trend among smaller-cap companies like Semler Scientific and Metaplanet, which have seen gains after adopting crypto strategies.
Semler stock, for example, increased by 17% this year, while Metaplanet, which also launched a bond offer to acquire more Bitcoin, jumped by 999% in 2024 alone.
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