Next Technology Holding to raise $500M for Bitcoin purchases
Next Technology Holding, a Chinese company listed on NASDAQ, is considering a stock issuance of up to $500M, with part of the proceeds earmarked for additional BTC purchases. The firm has already accumulated a significant amount of Bitcoin on its corporate balance sheet and intends to continue expanding its reserves.
According to the company's official filing with the U.S. Securities and Exchange Commission (Form S-3 statement), the proposed issuance of ordinary shares will be used for general corporate needs, including potential Bitcoin acquisitions.
Next Technology currently holds 5,833 BTC, valued at approximately $671.8 million at today's exchange rate. This places it among the top 15 largest companies by Bitcoin reserves, surpassing companies such as KindlyMD, Semler Scientific, and GameStop.
If Next Technology allocates even half of the funds from the issuance ($250 million) to acquire Bitcoin, at current prices, this would allow it to increase its reserve by approximately 2,170 BTC, bringing the total volume to over 8,000 BTC.
Following the news, Next Technology shares on the Nasdaq fell about 4.76% during the trading day and dropped another 7.43% in after-hours trading. The company emphasizes that it has not yet set clear goals for the size of its Bitcoin reserves. It plans to act based on market conditions, monitoring price movements and choosing strategic moments for new purchases.
This development reflects a broader trend of public companies turning to stock issuance, convertible bonds, and other financial tools to add cryptocurrency to their balance sheets.
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