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Next Technology Holding in China is planning to enhance its already substantial Bitcoin treasury, aiming to raise as much as $500 million through a new stock offering.
Summary
- Next Technology, a company focused on Bitcoin, has filed to raise up to $500 million through a stock offering to increase its Bitcoin treasury.
- Currently, the firm holds 5,833 BTC valued at approximately $676 million, marking a gain of around 270%, significantly outperforming its $82 million market cap.
- Public companies have a combined holding of about 1.01 million BTC, with leaders like Strategy and MARA continuously augmenting their reserves.
On September 15, Next Technology Holding submitted a filing to the U.S. Securities and Exchange Commission to offer up to $500 million in common stock. The filing indicated that some of the proceeds may be allocated for additional Bitcoin purchases for its corporate reserves.
This proposed purchase would expand its already considerable BTC (BTC) holdings, which presently ranks 15th among global corporate Bitcoin holders. These assets were acquired at an average price of $31,386 per coin and are now valued at about $676 million, demonstrating a gain of roughly 270%, based on data from Bitcoin Treasuries.
While the company hasn’t established a fixed goal for its Bitcoin accumulation, a successful stock offering could significantly enhance its holdings, possibly improving its ranking among major holders.
Next Technology also mentioned that it plans to continue purchasing Bitcoin as prospects arise but may sell portions for corporate purposes or tax strategies, as well as use some of its holdings as collateral for future financing.
Corporate Bitcoin Treasury Strategies Gain Momentum in China
The software company’s strong commitment to Bitcoin reflects a growing trend in China. This is notable despite local restrictions, which have officially banned crypto trading and related activities since 2021.
Nevertheless, several Chinese-linked enterprises are discreetly establishing themselves among the major corporate Bitcoin holders by operating via offshore entities or Hong Kong listings, enabling them to engage in the market while remaining compliant with regulations.
At least five firms associated with China now feature in the top 100 Bitcoin holders list, including Next Technology, with companies like Cango holding approximately 5,400 BTC and Nano Labs with around 1,000 BTC. This aligns with a broader trend of public companies gradually integrating Bitcoin into their balance sheets, with multiple entities collectively holding about 1.01 million BTC.
Many of these firms have continued to enhance their Bitcoin treasury strategies with ongoing acquisitions. The pioneering corporate BTC firm, Strategy (formerly MicroStrategy), recently reported three recent purchases this month totaling roughly 6,528 BTC, increasing its holdings to about 639,000 BTC, while MARA Holdings has recently confirmed it possesses more than 52,000 BTC, now making it the second-largest Bitcoin holder among public companies.
