Next Technology Holding, a small Nasdaq-listed software company based in Japan, said after Friday’s close that its board has authorized selling or borrowing against its roughly 5,833 bitcoin. The company put the value of that stack at about $450 million, based on recent prices. It said the decision was driven by the Binance hack, exchange vulnerabilities, and concern about quantum computing’s long-term threat to bitcoin’s cryptography. None of its bitcoin is held on or through Binance, the company added.
A holding far larger than its equity value
The market value gap is unusual. NXTT closed Friday at $5.30, giving its roughly 1.47 million outstanding shares a value of about $7.8 million, according to CoinDesk calculations. At about $77,000 per bitcoin, the reported holdings would be worth around $449 million. That is more than 50 times the equity valuation. The board authorization lets the company sell on exchanges, arrange privately negotiated trades, or use bitcoin-backed financing. CEO Weihong Liu will decide timing, price, and size. There is no guarantee any transaction will happen.
Most coins came from a March 2025 deal
Most of the bitcoin came from one transaction. In March 2025, Next Technology acquired 5,000 BTC under a previously negotiated agreement. It paid with shares and warrants alongside an earlier cash prepayment. The company recorded total consideration of $158.1 million, or about $31,600 per coin at the time. Its annual report says substantially all of the bitcoin sits with Japan-based institutional custodians, but it does not identify them. Filings reviewed by CoinDesk also do not include wallet addresses that would let investors check the reported balance independently. CoinDesk has asked Next Technology to identify its custodians and provide wallet addresses or a custodian attestation confirming the holdings.
Why the disclosure matters
The move comes as public companies with large bitcoin treasuries face more scrutiny. A hack at Binance has renewed questions about where customer and corporate assets are actually held. Quantum computing is a slower-burning issue, perhaps, but it has become a recurring talking point for crypto holders. For a company this small, the gap between its reported bitcoin value and its equity value may draw attention from investors and regulators. The board’s authorization is not a sale notice. It is a permission slip. Whether Next Technology acts, and at what price, will depend on Liu and market conditions. For now, the company says it has not placed any of its bitcoin on Binance, and the exact custody arrangements remain undisclosed.
