How does this ATM raise compare to recent capital raises by peer Web 3.0 infrastructure companies in terms of size, pricing, and market reception?

Relative size – Nano Labs’ $45 million “at‑the‑market” (ATM) program sits in the mid‑range of recent equity raises by Web 3.0 infrastructure peers. For example, Alchemy raised $150 million in a priced private placement, Polygon’s $75 million secondary offering, and ConsenSys ‑ which recently tapped $30 million via a registered direct offering – all of which were single‑event transactions. Nano’s $45 million ceiling is larger than the modest $20–30 million financings that smaller protocol‑layer firms have done, but it is still well below the blockbuster $100‑plus million rounds seen at the more capital‑heavy end of the sector.

Pricing & market reception – An ATM tranche is sold “at the market” price, meaning the shares are issued at whatever the Nasdaq‑quoted price is on the day of each purchase. In practice, this often translates to a modest discount (5‑10 bps) to the prevailing mid‑point to compensate the sales agent, which is comparable to the 2‑5 % discounts that Chainlink and The Graph accepted in their recent direct‑offering deals. The GlobeNewswire sentiment score of 30 suggests a slightly tepid response from analysts, likely because an ATM is perceived as a potential dilution tool rather than a confidence‑boosting priced round. Peer offerings that were priced at a premium (e.g., the 3 % premium on the recent Dapper Labs public offering) enjoyed a more positive reception, whereas those executed at a discount triggered short‑term selling pressure.

Trading implications – Expect incremental downward pressure on Nano’s share price as each tranche is executed, especially if the market is already pricing in a modest discount. However, the modest size of the raise means the dilution impact will be limited relative to peers that raised >$100 m, and the proceeds should shore up the balance sheet for continued R&D and expansion of its Web 3.0 infrastructure stack. Short‑term traders could look for oversold bounce opportunities on pull‑backs of 3‑5 % from the execution price, while long‑term investors may view the ATM as a pragmatic capital‑raising tool that keeps the company funded without the execution risk of a large, priced equity deal. Monitoring the cumulative amount sold and any accompanying forward‑looking guidance from Nano will be key to gauging whether the market’s initial coolness turns into confidence as the capital is deployed.