Chinese semiconductor company announces acceptance of Bitcoin payments; stock price rises slightly

Nano Labs, a Hangzhou-based cryptocurrency mining chip manufacturer, saw its stock price drop slightly after it announced it would begin accepting Bitcoin payments.
On the 11th, Nasdaq-listed Nano Labs announced that it would begin accepting Bitcoin as a payment method for goods and services through its Coinbase business account.
Nano Labs said the move is "part of our efforts to embrace the latest financial technology as demand for digital currency transactions increases in the technology sector."
"As adoption of crypto assets continues to grow, especially among businesses seeking efficient and secure cross-border transactions, we are proactively responding to changes in the digital economy."
Nano Labs said accepting bitcoin allows it to offer greater payment flexibility, but did not comment on whether it plans to hold bitcoin as an asset.
Following the announcement, shares of Nasdaq-listed NanoLabs rose 2.81% to $3.29.