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Next Technology Holding, China’s largest corporate Bitcoin treasury firm, has revealed plans to sell up to $500 million worth of common stock in order to expand its Bitcoin holdings. The Nasdaq-listed company confirmed the move in a filing with the U.S. Securities and Exchange Commission (SEC), stating that proceeds would be used for “general corporate purposes,” with Bitcoin acquisition being a top priority.
Currently, Next Technology holds 5,833 BTC, valued at roughly $671.8 million at current prices. This makes it the 15th largest Bitcoin-holding corporation globally, placing it ahead of firms like KindlyMD, Semler Scientific, and GameStop, according to BitcoinTreasuries.NET data.
If half of the proposed $500 million stock offering is directed toward Bitcoin, Next Technology could potentially acquire an additional 2,170 BTC, which would raise its reserves above 8,000 BTC.
A Growing Trend of Corporate Bitcoin Treasuries
Next Technology’s strategy follows a broader corporate adoption trend, where public firms are turning to equity offerings, convertible notes, and preferred stock sales to fund large-scale Bitcoin purchases.
The number of publicly traded companies holding Bitcoin has seen a sharp rise. At the start of the year, fewer than 100 firms had BTC on their balance sheets. Today, that figure has grown to 190 companies, with combined holdings surpassing 1 million BTC, equivalent to over 5% of Bitcoin’s circulating supply.
MicroStrategy, led by Michael Saylor, remains the leader, with nearly 639,000 BTC in its treasury. Other companies such as Metaplanet and Semler Scientific have also outlined ambitious multi-year Bitcoin accumulation plans.
Market Reaction and Share Price Impact
Despite the bold treasury move, Next Technology’s stock price reacted negatively. Shares of NXTT fell 4.76% to $0.14 during Monday’s trading session, followed by a further 7.43% decline in after-hours trading, according to Google Finance data.
The short-term sell-off may reflect investor caution toward equity dilution and the company’s aggressive Bitcoin strategy. However, Next Technology has already enjoyed significant gains from earlier purchases.
The firm first acquired 833 BTC in December 2023, followed by another 5,000 BTC in March 2024. With an average purchase price of $31,386 per BTC, the company’s Bitcoin investment is currently up by 266.7% on paper, highlighting the profitability of its timing.
Next Technology’s Flexible Approach
Unlike some firms that set strict accumulation goals, Next Technology has adopted a month-by-month acquisition approach. The company said it has not set a maximum target for how much Bitcoin it plans to hold, instead choosing to monitor market conditions before making further purchases.
This cautious strategy differs from firms like Metaplanet, which has announced a goal of 210,000 BTC by 2027, and Semler Scientific, which is targeting 105,000 BTC over the same period. Both of these targets represent significant portions of Bitcoin’s circulating supply — 1% and 0.5%, respectively.
Bitcoin Treasuries: A Double-Edged Sword
The rise of corporate Bitcoin treasuries has been a major driver of demand in 2025, but analysts warn that the trend also introduces systemic risks. While companies like Next Technology are boosting confidence in Bitcoin’s role as a reserve asset, reliance on equity sales to fund these purchases exposes shareholders to dilution and potential volatility.
For investors, the expansion of Bitcoin treasuries signals growing mainstream acceptance, but it also raises questions about sustainability if markets turn bearish.
Next Technology’s move underscores a strong institutional appetite for Bitcoin, particularly from Asia-based firms, even as regulatory environments remain uncertain.
Outlook
With Bitcoin adoption accelerating among public companies, Next Technology’s $500 million stock offering marks another significant step in the corporate treasury race. If successful, the firm’s holdings could exceed 8,000 BTC, strengthening its position among the world’s largest Bitcoin-holding companies.
Still, the market’s initial reaction suggests investors are weighing the long-term value of Bitcoin accumulation against the risks of stock dilution and crypto price volatility.
For now, the Chinese Bitcoin treasury firm’s strategy highlights both the opportunities and challenges facing corporations turning to BTC as a primary reserve asset.
