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Next Technology files $500M stock offering to expand BTC treasury
Next Technology Holding, the largest publicly traded company in China holding Bitcoin, has filed to sell up to $500 million of common stock with plans to deploy the proceeds toward additional BTC purchases and general corporate needs. The filing with the US Securities and Exchange Commission underscores a growing trend of public firms using equity and capital markets to accumulate Bitcoin as a strategic reserve asset.
What the financing aims to achieve
According to the company's prospectus, net proceeds may be directed to general corporate purposes, including but not limited to buying more Bitcoin. Next Technology is not committing to a fixed BTC target and says it will monitor market conditions before making further allocations. If management devotes part of the raise to crypto accumulation, the company could significantly expand its Bitcoin treasury.
Current holdings and potential upside
Next Technology currently reports ownership of 5,833 BTC, valued at roughly $671.8 million, making it the 15th-largest corporate Bitcoin treasury globally, per BitcoinTreasuries.NET. The company accumulated 833 BTC in December 2023 and added 5,000 BTC in late March, producing an average cost basis near $31,386 per BTC. With spot Bitcoin trading near $115,000, Next Technology is sitting on an unrealized gain in excess of 266 percent.
If even half of a $500 million raise were allocated to BTC purchases at current market prices, the company could buy roughly 2,170 more coins, potentially pushing its holdings beyond 8,000 BTC and moving it further up the list of institutional treasury sizes.
Market context: corporate accumulation and supply dynamics
The move comes amid a wave of corporate Bitcoin buying. The number of listed companies holding BTC nearly doubled in 2025 to around 190 entities, collectively holding more than 1 million BTC. Institutional appetite has been a key narrative for Bitcoin price action, and public companies are increasingly using equity raises, convertible notes, and balance sheet allocations to secure crypto exposure.
Major corporate holders
Michael Saylor's Strategy is the dominant corporate holder with approximately 636,505 BTC. Other large holders include MARA Holdings with more than 52,000 BTC, XXI with about 43,500 BTC, and the Bitcoin Standard Treasury Company with roughly 30,000 BTC. Exchange and crypto-native firms such as Bullish, Metaplanet, Riot Platforms, Coinbase, and CleanSpark also feature prominently among corporate treasuries.
Share performance and investor reaction
Following the filing, Next Technology shares (NXTT) slid about 4.76 percent during regular trading and fell an additional 7.43 percent in after-hours activity, according to Google Finance. The market response may reflect shareholder concerns about dilution or short-term uncertainty surrounding equity issuance, even as the company strengthens its Bitcoin exposure.
Long-term implications for BTC price
Persistent corporate demand adds to narratives around potential supply constraints. With a fixed 21 million Bitcoin supply and only a small portion left to mine, increased institutional accumulation could tighten available on-chain supply and contribute to upward pressure on BTC prices. Some public companies have announced aggressive long-term targets, with players like Metaplanet and Semler Scientific disclosing multi-year accumulation goals that are multiples of their current holdings.
Outlook
Next Technology's $500 million equity offer highlights how public company strategies for Bitcoin are evolving. While the firm has no set accumulation target and plans to follow market conditions, allocating proceeds to BTC could amplify its position among corporate treasuries. For investors and crypto watchers, the filing is another signal that institutional balance sheet adoption remains a key driver in the Bitcoin ecosystem.
For now, market participants will watch how much of the raise is ultimately used for Bitcoin purchases, how that affects Next Technology's ranking among Bitcoin treasuries, and whether the move influences other listed companies to accelerate BTC accumulation.
Source: cryptonews
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