Chinese Bitcoin Treasury Firm Plans $500M Stock Sale to Boost BTC Holdings
Next Technology eyes expansion after filing to fund fresh Bitcoin purchases
Next Technology Holding, China’s largest publicly listed Bitcoin treasury firm, has filed to sell up to $500 million of common stock, with plans to use part of the proceeds to expand its Bitcoin reserves.
In its filing with the US Securities and Exchange Commission, the Nasdaq-listed firm said the funds will go toward “general corporate purposes,” including acquiring more Bitcoin.
Next Technology already holds 5,833 BTC worth nearly $672 million, ranking it as the 15th-largest corporate Bitcoin holder, ahead of firms like KindlyMD, Semler Scientific and GameStop, according to BitcoinTreasuries.NET.
If half the offering is allocated to Bitcoin, the company could add around 2,170 BTC at current prices, pushing its total stash beyond 8,000 BTC.
The move underscores a broader trend of corporations turning to equity and debt offerings to expand their Bitcoin treasuries. More than 190 public firms now hold over 1 million BTC collectively – representing more than 5% of Bitcoin’s circulating supply.
Shares slide after announcement
News of the filing saw Next Technology’s stock (NXTT) dip 4.76% to $0.14 on Monday and slide another 7.43% in after-hours trading, according to Google Finance data.
Despite the drop, the company has seen a windfall from its earlier Bitcoin buys. Since late December 2023, it has accumulated BTC at an average cost of $31,386, leaving it up more than 266% on paper.
Flexible approach to Bitcoin reserves
Unlike firms such as Metaplanet and Semler Scientific – which have set aggressive targets of 210,000 BTC and 105,000 BTC by 2027 – Next Technology says it is taking a measured approach.
The company stated it would “monitor market conditions” before deciding how much Bitcoin to ultimately accumulate, signaling a month-by-month strategy rather than fixed long-term targets.
