Chinese fabless integrated circuit design company Nano Labs has announced the successful closing of a $36.25 million private placement.

The transaction, which was first disclosed in November, involved the issuance of 5,611,459 Class A ordinary shares at a purchase price of $6.46 per share. The shares were priced at $6.46 each, and the transaction was structured to include payments in US dollars, Bitcoin (BTC), and USDT (Tether).

The latest development comes just a day after the company revealed purchasing approximately 55.6 BTC. Its stash is worth around $5.5 million. The company made this investment through Hashkey, a licensed virtual asset trading platform based in Hong Kong.

The Huangzhou-based company also announced that it will continue to closely monitor the developments in the Bitcoin market and adjust its investment strategy accordingly.

Last month, Nano Labs began accepting Bitcoin payments for its products. The company, known for its high-tech solutions, opened a Coinbase account to facilitate these transactions, responding to the increasing demand for cryptocurrency payments across industries.

This decision also came amid financial struggles for the company. Nano Labs faced a steep decline in stock prices since its public offering in 2022.

The company had then issued a statement saying,

Nano Labs’ acceptance for payments in Bitcoin aligns with its long-term vision of staying at the forefront of technology advancements and delivering added value to clients worldwide. With this new capability, the Company is positioned to attract a broader range of partners and customers who value progressive financial option.