Chinese Bitcoin Firm Targets $500 Million Stock Sale For BTC
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China’s largest corporate Bitcoin treasury firm, Next Technology Holding, says it is looking to sell up to $500 million of its common stock to buy more Bitcoin and for other purposes. “We intend to use the net proceeds from the sale of any securities offered under this prospectus for general corporate purposes, including, but not limited to, the acquisition of Bitcoin,” the software company said in a filing to the US securities regulator on Monday. Next Technology currently holds 5,833 Bitcoin worth $671.8 million — making it the 15th largest Bitcoin treasury firm — higher than David Bailey’s KindlyMD, Semler Scientific and GameStop, BitcoinTreasuries.NET data shows. Top 20 corporate Bitcoin treasury firms by BTC holdings. Source: BitcoinTreasuries.NET Allocating even half of the $500 million offering to Bitcoin would allow the Nasdaq-listed company to scoop up another 2,170 Bitcoin at current prices, bringing its total to above 8,000 Bitcoin. Next Technology is part of a broader Bitcoin treasury adoption trend where public companies have turned to equity, debt through convertible notes, perpetual preferred stock offerings, and even special-purpose acquisition companies to fund their Bitcoin purchases. There are currently 190 publicly listed companies holding Bitcoin on their balance sheets, up from fewer than 100 to start the year, and their combined holdings passed 1 million Bitcoin earlier this month — representing over 5% of Bitcoin’s current supply. Michael Saylor’s Strategy continues to lead the pack with nearly 639,000 Bitcoin marked on its balance sheet. Next Technology’s shares fall on news Next Technology (NXTT) shares fell 4.76% to $0.14 on the Nasdaq on Monday and another 7.43% in after-hours when the news was announced, Google Finance data shows. NXTT’s change in share price on Monday, including after-hours. Source: Google Finance However, it has made a significant paper gain on its Bitcoin holdings since…
