Nasdaq-listed Next Technology clears sale or pledge of 5,833 bitcoin

Nasdaq-listed Next Technology Holding (NXTT) can now sell or pledge its bitcoin. In a press release issued on the evening of Oct. 30 U.S. Eastern time (the morning of Oct. 31 KST), the company said its board unanimously approved, by written consent the same day, the sale or pledging of its bitcoin holdings in one or more tranches. The company held approximately 5,833 BTC as of Oct. 30, worth roughly $450 million at Binance's price of about $77,480 on the night of Oct. 31 KST.

The board said it acted after reviewing the security incident recently reported by Binance. The company said international hacker attacks, exchange security vulnerabilities and emerging technological threats, including the potential cryptographic impact of quantum computing, have increased the custody and market risks of its bitcoin. It added that none of its bitcoin is held on or through Binance. Its annual report (10-K) says substantially all of its bitcoin is held in custody accounts at Japan-based institutional-grade custodians.

Exchange sales, block trades or collateral loans

The resolutions allow three methods: direct sales on cryptocurrency exchanges, block trades with specific purchasers, and bitcoin pledging arrangements for financing. The company described pledging as a liquidity management tool that could serve as an alternative or supplement to outright sales.

Chief Executive Officer Weihong Liu will determine the timing, price and volume of any transactions. The CEO is also authorized to negotiate and sign agreements with purchasers and counterparties, and may delegate that authority to senior officers in writing. According to the annual report, Liu is 32 and has more than 10 years of experience investing in crypto assets and blockchain. The company's principal office is in Saitama Prefecture, Japan, and it was incorporated in Wyoming in 2019. The company said there can be no assurance as to the timing, amount, price or completion of any sale or pledge. The risk factors in the release also list the potential market price impact of large-scale sales, as well as margin calls and the risk of forced liquidation under any bitcoin-backed financing.

5,833 BTC at an average of about $31,000

Filings show Next Technology bought 833 BTC in 2023 for $24.99 million. In March 2025 it acquired 5,000 BTC in exchange for common stock and warrants with a nil exercise price, for total accounting consideration of $158.08 million. Combined, the cost basis is $183.07 million, or a little over $31,000 per coin. At the Oct. 31 night price, the holdings are worth about 2.5 times that cost.

In September 2025 the company filed a shelf registration (Form S-3) with the SEC to sell up to $500 million of common stock in one or more offerings. The filing described a strategy of buying bitcoin with liquid assets exceeding working capital needs and with proceeds from debt or equity issuance. Just over a year later, the board has cleared the company to sell or pledge those holdings.

CoinDesk calculated the company's market value at about $7.8 million based on the Oct. 30 close of $5.30, and said its bitcoin is worth more than 50 times its equity value. CoinDesk said it had asked the company for the names of its custodians and its wallet addresses.

A $135.56 million first-half net loss on $1.3 million in revenue

The company promotes an "AI plus digital assets" strategy, combining AI-powered software development with digital asset management. Its results, however, have tracked the price of bitcoin. In 2025, when bitcoin rose, revenue of $11.61 million plus a $279.75 million fair value gain on bitcoin produced net income from continuing operations of $143.16 million. This year went the other way. According to its second-quarter report (10-Q) filed in July, first-half revenue was $1.3 million, and a $164.64 million fair value loss on bitcoin pushed the net loss to $135.56 million. The book value of its bitcoin was $351.51 million as of June 30.

Over the same period the company raised $156.95 million by issuing common stock and pre-funded warrants, but its bitcoin holdings stayed at 5,833 BTC. On Aug. 10 it carried out a 1-for-100 reverse stock split.

On the night of Oct. 31, bitcoin traded at 104,333,000 won on Upbit, about 0.9% above the Binance price converted to won at the same time, a gap known as the kimchi premium (the difference between prices on Korean exchanges and global markets).