Chinese software and AI company Next Technology Holding is doubling down on its Bitcoin strategy, announcing plans to raise up to $500 million through a common stock offering.
The Nasdaq-listed firm said proceeds would be used for “general corporate purposes,” including further Bitcoin acquisitions — cementing its role as one of the most aggressive corporate Bitcoin buyers in the world.
Next Technology is already China’s largest corporate Bitcoin holder, with 5,833 BTC valued at roughly $672 million. That makes it the 15th largest corporate Bitcoin holder globally, ahead of prominent names like GameStop, Semler Scientific, and KindlyMD.
If the company allocates even half of its proposed $500 million raise to Bitcoin, analysts estimate it could add more than 2,100 BTC to its reserves, climbing further up the global rankings.
The firm’s Bitcoin journey began in late December 2023, with an average purchase price of around $31,386 per coin. Since then, it has realized a paper gain of more than 270%, turning Bitcoin into a cornerstone of its treasury strategy and a major driver of net income — surpassing returns from its core software business.
This move underscores a broader global trend: corporations increasingly view Bitcoin as a macro-hedge against inflation and market volatility.
More than 190 publicly listed companies now hold Bitcoin on their balance sheets, with collective holdings recently surpassing one million BTC — over 5% of the cryptocurrency’s circulating supply. Leading the charge is Michael Saylor’s MicroStrategy, with nearly 639,000 BTC.
Yet, Next Technology’s rise stands out for its geopolitical irony. China has maintained one of the world’s toughest stances against Bitcoin, banning trading and mining within its borders.
Despite this, Next Technology has used its U.S., Hong Kong, and Singapore operations — as well as its Nasdaq listing — to build a Bitcoin treasury strategy that would be impossible for mainland Chinese companies.
Market reaction to the announcement was mixed. Next Technology’s shares (NXTT) fell 4.76% during Monday trading and dropped another 7.43% after hours, as investors expressed concern over dilution and timing.
Still, the company’s growing Bitcoin stash places it at the center of Asia’s corporate crypto adoption, rivaling regional players like Metaplanet and Semler Scientific, though Next Technology prefers a more cautious, market-dependent approach rather than fixed long-term targets.
What makes this story remarkable is not just the scale of Next Technology’s Bitcoin holdings, but the context: a Chinese company has quietly built a half-billion-dollar Bitcoin treasury while its home country continues to ban the very asset it is accumulating abroad.
By leveraging its U.S. listing and global operations, Next Technology has turned regulatory barriers at home into a strategic advantage abroad.
With 5,833 BTC already under its control and potentially thousands more on the way, the company’s actions highlight Bitcoin’s unique, borderless appeal — and raise the question of whether national bans can ever truly stop the rise of decentralized money.
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