Next Technology Holding, China’s largest listed Bitcoin treasury firm, has filed to sell up to $500 million of common stock to finance further Bitcoin purchases and other corporate uses.
China’s Next Technology Files $500m Stock Sale to Buy More Bitcoin
17 September 2025 - 15:41 CEST
BTC plan
In its filing to the US Securities and Exchange Commission earlier this week, the company said proceeds may be used for “general corporate purposes, including, but not limited to, the acquisition of Bitcoin.”
Next Technology currently holds 5,833 BTC, valued at about $678 million at current prices. That ranks the firm as the world’s 15th largest corporate holder, ahead of KindlyMD (Nakamoto), Semler Scientific and GameStop, according to BitcoinTreasuries.net.
If half of the planned $500 million raise were allocated to Bitcoin, Next Technology could acquire roughly 2,158 BTC at current prices, lifting its total to nearly 8,000 BTC.
Treasury trend
The Nasdaq-listed firm is one of 190 public companies that now hold Bitcoin, up from fewer than 100 at the start of 2025. Combined corporate treasuries passed 1 million BTC earlier this month, more than 5% of total supply.
Strategy remains the largest, with nearly 638,985 BTC. Other firms, such as Japan’s Metaplanet and US-based Semler Scientific, have disclosed plans to build reserves of 210,000 and 105,000 BTC respectively by 2027.
Share price reaction
Shares in Next Technology (NXTT) are down about 23 percent this week, as at 13:36 UTC on Wednesday.
Next Technology has not set a specific Bitcoin target, saying only that it will “monitor market conditions” month by month. That contrasts with rivals such as Metaplanet and Semler Scientific, which have set explicit multi-year accumulation goals.
