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Nasdaq-listed Next Technology Holding authorized its CEO to sell or borrow against about 5,833 bitcoin, valued at roughly $449 million in the report. The company cited the Binance hack, exchange vulnerabilities and potential quantum-computing risks, but said it has no bitcoin held through Binance and did not guarantee any transaction would occur.
Next Technology Holding, a Nasdaq-listed software company based in Japan, has authorized its chief executive to sell or borrow against approximately 5,833 bitcoin, worth about $449 million at the price cited in the report. The company pointed to the Binance hacking incident, vulnerabilities at cryptocurrency exchanges and potential risks from quantum computing, while saying that none of its bitcoin is held through Binance.
The authorization allows Chief Executive Weihong Liu to arrange transactions in one or more batches. Possible routes include sales on an exchange, privately negotiated trades and bitcoin-backed financing. Liu will determine the timing, price and size of any transaction. The company has not said that a sale or loan will take place, and its authorization provides no assurance that any transaction will be completed.
The reported holdings are unusually large relative to the company’s stock-market value. Next Technology closed at $5.30 on Friday, placing the value of its roughly 1.47 million outstanding shares at about $7.8 million, according to calculations cited by CoinDesk. At around $77,000 per bitcoin, the reported bitcoin balance would be worth approximately $449 million—more than 50 times that equity valuation. These figures are estimates tied to the stated share count and bitcoin price, not a guarantee of proceeds from a sale.
Next Technology’s annual report says “substantially all” of its bitcoin is held with institutional custodians in Japan, but does not identify those custodians. The filings reviewed by CoinDesk also do not list wallet addresses that would allow investors to independently check the balance. CoinDesk said it asked the company to identify its custodians and provide wallet addresses or a custodian attestation.
A Large Treasury Decision for NXTT
The announcement could affect how investors evaluate Next Technology’s balance sheet and exposure to bitcoin. The reported value of the holdings is far above the company’s recent market capitalization, meaning changes in bitcoin’s price could be material relative to the listed company’s equity value. The comparison is based on figures reported at a particular time; both the market value of bitcoin and the company’s share price can change.
Whether Next Technology sells, borrows against its holdings or takes no action remains unknown. A sale could reduce its bitcoin exposure, while borrowing against bitcoin could provide financing without an immediate sale but would leave the asset pledged as collateral. The company has not disclosed proposed terms, transaction amounts or a timetable, so the authorization alone does not establish which route, if any, it will use.
The lack of named custodians or public wallet information also matters to shareholders trying to verify a holding of this scale. The company has reported its balance, but the information cited in the report does not provide an independent public check of the bitcoin’s location or availability. That verification question is separate from the board’s stated reasons for reviewing how the asset is held.
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How Next Technology Built Its Bitcoin Position
Most of the reported bitcoin came from a transaction in March 2025, when Next Technology acquired 5,000 BTC through a previously negotiated agreement. The consideration included shares and warrants as well as an earlier cash prepayment. The company recorded total consideration of $158.1 million, equivalent to about $31,600 per bitcoin at the time.
The new authorization follows the company’s cited concerns about digital-asset security and the longer-term resilience of bitcoin’s cryptography. The report identifies the Binance hack, exchange vulnerabilities and possible quantum-computing threats as reasons the board reconsidered holding the cryptocurrency. These are the company’s stated considerations; the material provided does not establish that Next Technology’s own bitcoin was affected by the Binance incident.
Next Technology said none of its bitcoin is held on or through Binance. That statement addresses its connection to the named exchange, but does not identify the Japan-based custodians that hold substantially all of the balance, according to the company’s annual report. No wallet addresses or custodian confirmation were included in the filings cited by CoinDesk.
“The company cited the Binance hacking incident, exchange vulnerabilities and the potential threat quantum computing poses to bitcoin’s cryptography.”
— Next Technology Holding, as described in its authorization
Custody and Transaction Details Pending
It is not clear whether Next Technology will sell any bitcoin, borrow against it or leave the holdings unchanged. The company has not announced a transaction schedule, planned quantity, minimum price, financing terms or counterparties. The CEO has discretion over the timing, price and size of any deal permitted by the authorization.
The identity of the institutional custodians and the addresses or other records that could verify the reported balance also remain undisclosed in the filings cited by CoinDesk. The company’s statement that it does not use Binance does not resolve those questions. CoinDesk said it had requested custodian details and wallet addresses or an attestation, but the supplied report does not include a response.
The cited quantum-computing concern is presented as a potential risk, not as evidence that bitcoin’s cryptography has been compromised. The source material also does not establish that the Binance incident caused any loss to Next Technology. Details of the incident and its connection to the company’s board decision beyond the company’s stated rationale remain limited.
Watch for a Filing or Transaction
The next concrete development would be a company disclosure confirming whether Liu has initiated a sale, arranged bitcoin-backed financing or decided against a transaction. Any completed deal would help clarify the amount involved, the price or financing terms and how it changes the company’s reported holdings. Until then, the authorization should be read as permission to act, not evidence that a transaction has occurred.
Investors may also look for a response to requests for custodian names, wallet addresses or third-party confirmation of the bitcoin balance. The source report does not provide a deadline for such information. Further company filings or statements could clarify both the custody arrangements and how management is weighing the security concerns it cited.
The reported dollar value is tied to the bitcoin price used in the Oct. 31 report and may change with the market. Bitcoin prices are volatile, and losses are possible. The company’s announcement does not provide a price forecast or establish what value it would receive if it sells.
Key Questions
Has Next Technology sold its bitcoin?
The report does not say that a sale has taken place. The company authorized its CEO to sell or borrow against the holdings, but said no transaction was guaranteed.
How much bitcoin does the company report holding?
Next Technology reported approximately 5,833 BTC. CoinDesk valued that amount at about $449 million using a bitcoin price of roughly $77,000.
Why did Next Technology authorize possible transactions?
The company cited the Binance hacking incident, exchange vulnerabilities and potential risks to bitcoin’s cryptography from quantum computing. It also said none of its bitcoin is held on or through Binance.
Can investors independently verify the reported bitcoin balance?
The filings cited by CoinDesk do not provide wallet addresses or name the institutional custodians holding substantially all of the bitcoin. CoinDesk said it requested wallet addresses or a custodian attestation.
Who decides whether and when to act?
Chief Executive Weihong Liu will decide the timing, price and size of any transaction. The authorization permits exchange sales, privately negotiated trades and bitcoin-backed financing.
Source: coindesk.com
