Next Technology Holding filed with the SEC on Monday to sell up to US$500M (AU$765M) of common stock, stating that the proceeds could go toward additional Bitcoin purchases as well as other “corporate uses”.
The company, which is the largest corporate Bitcoin holder in China, already holds 5,833 BTC valued at about US$671.8M (AU$1.03B), placing it 15th among public treasuries. Even a partial allocation of the new raise, for example, half the proceeds, would enable the purchase of roughly 2,170 BTC at current prices, lifting holdings above 8,000 BTC.
Next Technology didn’t give a specific target, but did claim it would adjust based on market conditions, like other companies do. That approach differs from giants like Metaplanet and Semler Scientific, which have set explicit goals of 210,000 BTC and 105,000 BTC by 2027, equal to 1% and 0.5% of Bitcoin’s supply.
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Public-company exposure to Bitcoin has climbed sharply this year. More than 190 listed firms now hold BTC on their balance sheets, compared with fewer than 100 at the start of 2025. According to BitcoinTreasuries.NET, their combined holdings surpassed 1M BTC this month, representing over 5% of the circulating supply. MicroStrategy continues to lead with about 639,000 BTC.
Shares of NXTT fell 4.76% Monday to US$0.14 (AU$0.21) and dropped another 7.43% in after-hours trading following the filing. The AI-focused software provider operates mainly in the United States, Hong Kong, and Singapore.
Despite the drop in the shares value, the company has made a lot more on paper on its BTC gains; it’s been active since late 2023, first acquiring 833 BTC in December and another 5,000 BTC in March 2024, averaging a cost basis of US$31,386 (AU$48,000) per coin, and giving it an unrealised gain of about 267% at current prices.
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