Next Technology Holding, a Nasdaq-listed company worth about $8 million, has authorized selling or borrowing against its roughly 5,833 bitcoin. The board cited the Binance hack and quantum computing risks, though the company says none of its coins sit at Binance. Its filings do not name its custodians or give wallet addresses.
A Nasdaq-listed company worth about $8 million says it may sell bitcoin worth roughly $450 million after the Binance hack prompted its board to reconsider the risks of holding the cryptocurrency.
Next Technology Holding (NXTT), a software company based in Japan, said after Friday's close that its directors had authorized selling or borrowing against its approximately 5,833 BTC in one or more batches. However, the company also said none of its bitcoin is held on or through Binance.
What the board authorized
The company pointed to the Binance hacking incident, exchange vulnerabilities and the potential threat quantum computing poses to bitcoin's cryptography as reasons for its decision. Chief Executive Weihong Liu will decide the timing, price and size of any transactions.
Under the authorization, exchange sales, privately negotiated trades and bitcoin-backed financing are all allowed, with no assurance that any will be completed.
A valuation gap
The balance-sheet numbers are striking. NXTT closed Friday at $5.30, putting the value of its roughly 1.47 million outstanding shares at about $7.8 million, per CoinDesk's calculations. At roughly $77,000 per bitcoin, its reported holdings would be worth about $449 million, or more than 50 times that equity valuation.
Most of the bitcoin came from one deal. In March 2025, the company acquired 5,000 BTC under a previously negotiated agreement, paying with shares and warrants alongside an earlier cash prepayment.
Custody remains unverified
Its annual report says "substantially all" of the bitcoin sits with Japan-based institutional custodians, without identifying them. In addition, the filings CoinDesk reviewed do not provide wallet addresses that would let investors independently check the reported balance.
CoinDesk has asked Next Technology to identify its custodians and provide wallet addresses or a custodian attestation confirming the holdings.
Source: CoinDesk
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