Next Technology Holding is considering selling or using its entire Bitcoin treasury as collateral for financing, potentially involving assets worth approximately $450 million. The Nasdaq-listed Japanese software firm said the recent Binance breach, weaknesses in cryptocurrency exchange security and concerns about future quantum computing capabilities influenced its board’s decision.
In a statement released after Friday’s market close, Next Technology Holding (NXTT) revealed that its board had approved potential transactions involving its 5,833 BTC reserves. The company may dispose of the holdings or secure loans against them through multiple transactions.
Although the Binance exploit contributed to the reassessment, NXTT clarified that it does not maintain any Bitcoin balances on Binance or through its services. The company also highlighted the possibility that advances in quantum computing could eventually threaten the cryptographic systems protecting Bitcoin.
CEO Weihong Liu will oversee any potential transactions, including decisions regarding execution dates, pricing and transaction sizes. The approval permits Bitcoin sales through exchanges, private deals with counterparties and loans backed by the cryptocurrency. However, the company has not committed to completing any of these arrangements.
The scale of NXTT’s Bitcoin treasury is particularly significant compared with its stock market valuation. Its shares closed at $5.30 on Friday, placing its market capitalization at approximately $7.8 million based on around 1.47 million outstanding shares.
At a Bitcoin price of approximately $77,000, the company’s 5,833 BTC reserve would carry a market value of nearly $449 million. This represents more than 50 times its current equity valuation, highlighting the substantial difference between its corporate market value and digital asset holdings.
Previous acquisition accounts for most of its BTC treasury
Next Technology accumulated most of its Bitcoin through a major purchase in March 2025, when it acquired 5,000 BTC under an agreement negotiated earlier. The transaction was funded through company shares, warrants and an advance cash payment.
The acquisition had a reported total value of $158.1 million, translating into an average purchase price of approximately $31,600 per BTC.
According to the company’s annual report, substantially all its Bitcoin is held by institutional custody providers located in Japan. However, Next Technology has not identified the institutions responsible for securing its cryptocurrency reserves.
Its regulatory disclosures also do not include public wallet addresses that would enable shareholders and outside analysts to independently verify the reported Bitcoin balance.
CoinDesk has reached out to the company for information about its institutional custodians and requested either publicly verifiable wallet addresses or a formal custody confirmation supporting its reported holdings.
