Nasdaq-listed Next Technology Holding may sell $450 million in bitcoin after Binance hack
Nasdaq-listed firm may sell $450 million in bitcoin after Binance hack
Next Technology Holding (NXTT), a software company listed on the Nasdaq stock exchange, said its board has authorized selling its bitcoin or borrowing against it. The company holds about 5,833 BTC, worth roughly $449 million at around $77,000 per coin. The announcement came after Friday's close on October 30, and the Binance hacking incident was one of the reasons given.
Binance is a large cryptocurrency exchange — a platform where people buy, sell, and store crypto. The company also pointed to general exchange vulnerabilities and the possible threat quantum computing poses to bitcoin's cryptography, the math that protects bitcoin wallets.
Key points at a glance
- The board authorized selling or borrowing against approximately 5,833 BTC, in one or more batches.
- Allowed methods include exchange sales, privately negotiated trades, and bitcoin-backed financing.
- The company says none of its bitcoin is held on or through Binance.
- Chief Executive Weihong Liu will decide the timing, price, and size of any transactions.
- No transactions are guaranteed — the authorization does not assure any sale will happen.
What the company announced
The company cited three reasons for the decision: the Binance hacking incident, vulnerabilities at exchanges, and the potential risk quantum computing poses to bitcoin's cryptography. It stated that none of its coins are held on or through Binance.
Because the authorization covers selling, private trades, and loans backed by the bitcoin, the CEO has room to act in different ways — but the company explicitly said there is no assurance any transaction will be completed.
A $7.8 million company holding $449 million in bitcoin
The balance-sheet numbers are unusual. NXTT closed Friday at $5.30 per share, valuing its roughly 1.47 million outstanding shares at about $7.8 million, based on CoinDesk's calculations. Its reported bitcoin holdings would be worth about $449 million — more than 50 times the company's stock market value.
Most of the bitcoin came from one deal. In March 2025, the company acquired 5,000 BTC under a previously negotiated agreement, paying with shares and warrants along with an earlier cash prepayment. It recorded total consideration of $158.1 million, or about $31,600 per coin at the time.
What is confirmed — and what investors cannot verify
According to the company's annual report, "substantially all" of the bitcoin sits with Japan-based institutional custodians — companies that hold crypto on behalf of others. The report does not name these custodians.
The filings reviewed by CoinDesk do not provide wallet addresses, so investors cannot independently check the reported balance. CoinDesk has asked Next Technology to identify its custodians and provide wallet addresses or a custodian attestation confirming the holdings. As of the report, no such confirmation was available.
Why this matters
The Binance hack has prompted companies holding large bitcoin positions to review their storage risks, and this authorization is one visible result. A sale of this size would also stand out because the bitcoin is worth far more than the company's entire stock market value, and any actual transactions would be decided by a single executive. Whether any sale, loan, or private trade happens remains unconfirmed.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.