Nano Labs, a China-based mining chip designer listed on Nasdaq, saw a slight boost in its stock after announcing it will accept Bitcoin as payment via Coinbase.
The company stated this move is part of its strategy to embrace digital currency and enhance payment flexibility, especially as businesses look for secure cross-border transaction solutions.
However, Nano Labs did not clarify whether it will hold the Bitcoin received.
Following the announcement, Nano Labs’ shares rose by 2.81% to $3.29, though they remain down over 60% from a month ago and far from the company’s all-time high of $96.20 in 2022.
The trend of adopting cryptocurrency as payment is growing, with companies like Microsoft, McDonald’s in El Salvador, and the Dallas Mavericks accepting Bitcoin.
Meanwhile, China’s stance on crypto appears to be shifting, with recent comments from former finance minister Lou Jiwei calling for further exploration of crypto, and courts recognizing Bitcoin’s value. Hong Kong has also approved Bitcoin and Ethereum ETFs this year.
Bitcoin’s network hashrate has fallen 3.5% since mid-June, marking the sharpest decline in computing power since July 2024.
Bitcoin has officially overtaken Alphabet (Google’s parent company) in global asset rankings, becoming the sixth most valuable asset in the world, according to the latest real-time market data.
Philippe Laffont, the billionaire behind Coatue Management, is beginning to question his stance on Bitcoin.
Personal finance author Robert Kiyosaki is urging investors to rethink their approach to money as digital assets reshape the economic landscape.