Nasdaq-listed Next Technology Holding authorized the sale or use as collateral of approximately 5,833 Bitcoin it reported holding, citing the Binance attack and security concerns.
Japan-based software company Next Technology Holding (NXTT) has made a significant decision about its Bitcoin reserves. According to CoinDesk, after the market closed on Friday, the board authorized the sale of the reserve’s BTC in one or more transactions, or borrowing against those assets.
The company cited the Binance attack, security vulnerabilities at exchanges, and the potential threat quantum computing poses to Bitcoin’s cryptography among its reasons. However, it said none of its own Bitcoin was held on or through Binance.
CEO to decide timing and amount of any sale
The authorization covers sales through exchanges, privately negotiated transactions, and Bitcoin-backed financing. CEO Weihong Liu will determine the timing, price, and transaction size. The company did not guarantee that any of these options would be carried out.
Thus, rather than representing a completed sale, the decision clears the way for the company to sell its Bitcoin reserves or use them for financing.
Reported Bitcoin reserves are worth more than 50 times the company’s market value
Another striking aspect of the decision is the gap between the company’s market value and its reported Bitcoin reserves. NXTT shares closed Friday at $5.30. Based on approximately 1.47 million shares, the company’s market capitalization stands at $7.8 million.
By contrast, the reported 5,833 BTC are worth $449 million at a price of approximately $77,000 per Bitcoin. This calculation puts the value of the crypto reserves at more than 50 times the company’s market capitalization.
The company’s annual report says that nearly all of the Bitcoin is held with Japan-based institutional custodians, but does not name them. Documents reviewed by CoinDesk also do not include wallet addresses that would allow independent verification of the reported balance.
Most of the reserves were acquired in a single deal
Next Technology acquired most of its Bitcoin in a 5,000 BTC purchase in March 2025. Payment for the previously negotiated deal was made through a combination of a cash down payment, shares, and warrants.
The company recorded a total cost of $158.1 million for the transaction, or approximately $31,600 per Bitcoin. The board’s authorization now allows these reserves to be used for a sale or collateralized borrowing, citing security concerns.
Not investment advice.