Summary NA is repositioning from crypto-mining hardware toward Web3/digital assets, with crypto holdings becoming increasingly central to the thesis. Hardware revenue and R&D spending have fallen sharply, reinforcing that near-term fundamentals are weak and strategy-driven rather than demand-driven. The NBNB initiative targets compliant RWA infrastructure on BNB Chain, but commercialization remains unproven with no clear product/SDK traction yet. Still, NA’s buyback does signal confidence, while an ATM implies potential dilution and uncertainty around net share-count direction. Ultimately, I reckon its valuation remains relatively uncertain until the next update. But given BNB’s recent appreciation, I feel NA should probably trade higher today. Nano Labs Ltd. ( NA ) is a fabless chip designer, though they’re also pivoting into Web3 and digital assets. NA is increasing its exposure to crypto and planning new blockchain initiatives, including the Next Big BNB Program (NBNB). This new program aims to build a compliant Real-World Assets (RWA) infrastructure on the BNB chain. The company's chip sales revenue has declined, and the R&D investments have been reduced. Thus, their cryptocurrency holdings have increasingly become more relevant for NA’s prospects. And, given BNB’s recent price appreciation, I feel NA does offer a compelling speculative “Buy” for investors bullish on BNB for 2026. From Chips to RWA Nano Labs Ltd. is a semiconductor company that designs chips but doesn't manufacture them itself. This is what makes NA a “fabless” semiconductor company, which allows it to operate without the need for substantial infrastructure CAPEX. This capital-light approach also eases their strategic transition to a new business model as a Web3 and digital assets firm. NA was founded back in 2019 and completed its IPO in July 2022, when it began trading on the Nasdaq. NA is now headquartered in Hangzhou, People’s Republic of China. I initially covered NA last July, and since then, the stock has declined by roughly 59.0%, which is why I thought it was worthwhile updating my analysis on them. Source: Nano Labs Ltd. Website. Retrieved December 20, 2025. As a quick overview, NA's hardware business is currently decreasing. During 1H2025, the company reported approximately $1.2 million in net revenues, with weaker sales volumes of its iPollo Series chips, which are mostly used for mining cryptocurrencies. Another indication that NA's primary activity is no longer chips themselves is their massive R&D spending cut of approximately 90%. Despite this strategic pivot, NA's board approved a stock buyback plan of up to $25 million within 12 months. For this, they’ll use funds from their existing available cash or by liquidating some of their cryptocurrency assets. Source: Nano Labs Ltd. Website. Retrieved December 20, 2025. Moreover, NA also disclosed a new at-the-market ( ATM ) program that it can use to raise additional liquidity as needed. And it’s worth mentioning that this new ATM should derisk NA to some extent, as it lets them raise capital by simply issuing new shares gradually into the open market. It doesn’t quite force NA into a rigid, fixed issuance schedule, which would be a prolonged, ongoing headwind for the stock price. However, it’s also puzzling to see NA announce a buyback program around the same time they disclose an ATM. So, it’s challenging to anticipate what the intended net effect for their share count actually is in the end. RWA Initiative Having said that, it’s clear that NA’s new focus is on RWA. Even though they still describe themselves as a provider of high-throughput and high-performance computing solutions. However, recent initiatives suggest that NA is positioning itself as an infrastructure and compliance participant in the Real-World Assets (RWA) segment. On paper, this means they’ll offer technical, regulatory, and operational foundations that allow off-chain financial assets to function on blockchain networks. In that sense, NA announced the Next Big BNB Program (NBNB), which is an initiative that outlined their plans to build an RWA infrastructure and compliance ecosystem. NA intends to host all of these solutions on the Binance Coin (BNB) chain. The program aims to provide tokenization infrastructure for equities, bonds, new energy assets, and real estate, also delivering custody solutions, auditing, and rating mechanisms. It’s a bit of a new hot trend in crypto, and Wall Street is also clearly interested in this emerging sector. Recently, the global RWA tokenization market reached $19.6 billion, and it has shown a steady upward trend over the past couple of years. Source: Global Market Overview. RWA.xyz. Additionally, NA expressed interest in incubating RWA projects that prioritize transparency and security. This NBNB program is a step forward that goes beyond the company's strategy built around simply accumulating crypto and other stablecoin initiatives. Nevertheless, I have to remain moderately skeptical about their ambitious goals in this new segment. In my view, it’s prudent to wait and see if they demonstrate they can translate this business plan into meaningful revenues. For example, some green flags would include NA announcing concrete product launches or a software development kit (SDK). Alternatively, even releasing some sort of compliance toolkit, custody/audit partnerships, or tokenized asset pilots would show they’re making progress toward actual products and operational systems. Valuation and Risk Analysis Now, from a valuation perspective, NA trades at an $82.3 million market cap, which puts it decisively in microcap territory. In fact, NA also has an extremely thin average trading volume of just 36.8 thousand shares, which at the current $3.55 PPS implies a trading liquidity of only $130.6 thousand. So, even relatively small buy/sell orders can significantly push the stock price, which is why you should anticipate considerable volatility with this name going forward. Still, I think it’s worth pointing out that in November 2025, NA took steps to manage risks associated with its crypto-heavy balance sheet, which does show some prudence in light of its aggressive strategic pivot. NA announced it would do an early prepayment of bitcoin-denominated convertible notes, which effectively reduces its exposure to extreme Bitcoin volatility. And by December 2025, NA announced its BNB holdings increased to 130 thousand BNB, valued at roughly $112 million at the time. Source: Seeking Alpha Charts. Similarly, that same press release disclosed they’ve formally started executing on their $25 million share repurchase program. Thus, overall, we see a company that’s trying to reduce its liabilities while at the same time increasing its crypto assets and buying back its stock. On paper, this sounds like a recipe for higher prices over time, assuming crypto does well in 2026. Naturally, this is not guaranteed, and crypto has historically been extremely volatile. But, if you’re bullish on this asset class (specifically BNB), then NA does offer a compelling setup for 2026. Nevertheless, note that the latest financials we got are from 1H2025 . This means there’s some embedded uncertainty as to what NA’s balance sheet actually looks like today, at least until we get the next update. But by June 2025, NA’s balance sheet had $50.8 million in cash and $108.5 million in cryptocurrencies. This amounted to approximately $159.3 million in liquid assets at the time, against roughly $95.5 million in financial debt (of which $65.8 million was from bitcoin convertible notes). And using 1H2025’s EBIT loss of -$5.3 million as a proxy for cash flow, it implies an annualized burn of about $10.6 million. So, if we only account for NA’s cash balances, that would imply a runway of 4.8 years, which is relatively comfortable. Plus, it suggests NA shouldn’t have to liquidate its crypto to fund operations in the next few years based on these numbers. Source: Seeking Alpha Charts. It’s also worth mentioning that BNB traded at approximately $650 back in June 2025, but since then, the token has appreciated to over $900 per token. And, assuming NA now holds around 130 thousand BNB tokens, this alone could be worth around $117 million as of January 2026. Naturally, we don’t know their updated cash and debt, but it does show that NA is probably a bit cheap today since the stock is actually slightly lower while its main asset appreciated significantly simultaneously. And this is ultimately what nudges me towards a speculative “Buy” in the end. Conclusion: Speculative “Buy” if Bullish on BNB Overall, NA’s ambitious NBNB program aims to build a compliant RWA infrastructure on the BNB Chain. This could plug NA into a rapidly growing RWA segment, and capturing even a fraction of that TAM could translate into considerable revenues. However, in practice, we still haven’t seen any concrete news that shows NA is about to start generating substantial revenues this way. Instead, what we have is a company undergoing a radical (and highly speculative) strategic pivot. But given their aggressive accumulation of BNB tokens, I feel the stock is probably a bit undervalued at these levels. So, I think NA is a compelling speculative “Buy” for those investors who are also bullish on BNB itself. Otherwise, it’s most likely not worth the risk.
