Nano Labs is a China-based fabless semiconductor company that designs and sells ASIC chips and complete mining machines under the iPollo brand, targeting miners of Ethereum Classic, Grin, and Bitcoin. Nano Labs designs its chips in-house but outsources fabrication to third-party foundries, assembling finished machines at its own factory in Shaoxing, China. Its two chip families — the Cuckoo series targeting ETC and Grin, and the Darkbird series targeting Bitcoin — are the hardware foundation of the business. Customers are primarily mining operators in China, though Nano Labs has expanded into North America, Europe, and Southeast Asia. Customers typically prepay in full or pay a deposit before delivery. Beyond mining hardware, Nano Labs has pivoted aggressively toward two new directions. First, it has designated BNB (the native token of BNB Chain) as its primary treasury reserve asset, holding over 126,000 BNB tokens as of end-2025, and earnings have become increasingly sensitive to BNB price movements. Second, in early 2026, Nano Labs launched the iPollo ClawPC A1 Mini, a hardware device supporting an open-source autonomous AI agent platform called OpenClaw, with plans to add a dedicated operating system and software marketplace. Mining hardware remains the core revenue source, but R&D spending on chip development has declined sharply as management has reoriented the company toward its crypto treasury and AI agent hardware ambitions.