China’s Next Technology Holding is seeking to expand its already sizable Bitcoin treasury with a plan to raise up to $500 million through a new stock offering.
Summary
- Bitcoin treasury company Next Technology has files to raise up to $500 million via a stock offering to expand its Bitcoin treasury.
- The firm already holds 5,833 BTC worth about $676 million, a gain of roughly 270%, far exceeding its $82 million market cap.
- Public companies now collectively hold about 1.01 million BTC, with leaders like Strategy and MARA continuing to add to their reserves.
Next Technology Holding on 15 September, filed with the U.S. Securities and Exchange Commission to sell up to $500 million in common stock. It stated in the filing that a portion of the proceeds could be used to purchase additional Bitcoin for its corporate reserves.
The planned purchase would build on its already sizable BTC (BTC) stash, which currently ranks 15th on the global corporate Bitcoin holder list. The assets were purchased at an average cost of $31,386 per coin and are now worth about $676 million, representing a gain of roughly 270%, according to data from Bitcoin Treasuries.
While the company said it has no fixed target for the amount of Bitcoin it plans to accumulate, a successful stock sale would significantly boost its holdings, potentially moving it higher among the top holders.
Next Technology also noted that it intends to keep purchasing Bitcoin as opportunities arise, but may sell portions for corporate needs or tax strategies, and use some holdings as collateral for future financing.
Corporate Bitcoin treasury bets gain traction in China
The software company’s strong bid on Bitcoin is part of a growing wave in China. This comes despite local restrictions, where crypto trading and related commercial activity have been officially banned since 2021.
Still, a number of Chinese-linked companies are quietly joining the ranks of major corporate Bitcoin holders by operating through offshore entities or Hong Kong listings, which allow them to stay within legal boundaries while still participating in the market.
At least five China-affiliated firms now appear in the top 100 Bitcoin holder list alongside Next Technology itself, including firms like Cango with about 5,400 BTC, and Nano Labs with roughly 1,000 BTC. This fits into a wider movement of public companies steadily adding Bitcoin to their balance sheets, with multiple entities now holding about 1.01 million BTC collectively.
Several of these firms have continued doubling down on their Bitcoin treasury strategies with fresh accumulation. The OG corporate BTC company, Strategy (formerly MicroStrategy), disclosed three fresh purchases this month totaling roughly 6,528 BTC, lifting its holdings to around 639,000 BTC, while MARA Holdings recently confirmed it controls more than 52,000 BTC, now the second-largest stash among public firms.
Source: https://crypto.news/chinas-next-technology-eyes-500m-raise-for-bitcoin-treasury/
