HONG KONG – Nano Labs Ltd (NASDAQ:NA), a prominent fabless integrated circuit design firm in China with a market capitalization of $117.55 million and whose stock has risen 78% in the past six months, announced a strategic partnership with BitFi, a leading cryptocurrency asset management platform. The collaboration is aimed at developing new asset management solutions.

The alliance, involving Nano Labs’ subsidiary Nano bit HK Limited, will see the company integrate Bitcoin into its strategic reserve assets. Nano bit will manage the management and operation of these assets. BitFi is tasked with providing a suite of services, including asset custody, quantitative management, and strategies to enhance the value of Nano Labs’ Bitcoin reserves, ensuring security and profitability. According to InvestingPro data, the company faces liquidity challenges with a current ratio of 0.48, indicating potential risks in meeting obligations in the short term.

This partnership is an important step in Nano Labs’ engagement with the Bitcoin ecosystem and highlights BitFi’s expertise in cryptocurrency asset management. The collaboration is expected to contribute to the development of the Bitcoin ecosystem and promote the sustainable growth of the industry.

Nano Labs is recognized for its development of high throughput computing (HTC) chips, high-performance computing (HPC) chips, and various distributed computing and storage solutions. The company’s new Cuckoo series of HTC near-memory chips is one of the first on the market, according to an industry report by Frost & Sullivan.

In compliance with regulatory requirements, Nano Labs includes forward-looking statements in its announcement, cautioning that they are subject to market conditions and inherent risks, and actual results may differ materially. from current expectations. InvestingPro Subscribers have access to additional insights, including 8 more important tips about Nano Labs’ financial health and market position, along with detailed analysis in the Pro Research Report covering over 1,400 US listed company.

The information for this article is based on a press release statement.

In other recent news, Nano Labs is making important strategic moves. The company announced plans to invest $50 million in Bitcoin over the next five years, despite a huge drop in revenue and a current ratio of 0.48. This development is in line with the company’s focus on the digital economy and its belief in the long-term value of Bitcoin.

In addition, Nano Labs unveiled its advanced V Series crypto mining products, equipped with the new Cuckoo 3.0 chips. The company also launched the new FPU3.0 ASIC architecture, aimed at improving AI inference and blockchain applications. These product launches demonstrate Nano Labs’ commitment to innovation in the technology industry.

On the financial front, the company reported a net decrease in income of $ 3.47 million for the first half of 2024, mainly due to the decrease in sales of the iPollo V1 Series product. However, Nano Labs changed its capital structure by converting $8.5 million in interest-free loans into Class A ordinary shares.

In a step to strengthen his leadership, the CEO of the company, Mr. Jianping Kong, increased his investment in the company by acquiring more than one million Class A ordinary shares using personal funds. These are the latest developments within Nano Labs.

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