Next Technology Holding, a Nasdaq-listed Japanese software company, is reviewing the future of its Bitcoin reserves and may offload approximately $450 million worth of BTC. The company’s board has cited the recent Binance hack, cryptocurrency exchange security weaknesses and emerging quantum computing threats as major reasons for reconsidering its exposure.
The company disclosed that its directors had approved potential sales or Bitcoin-backed borrowing involving its 5,833 BTC holdings. The transactions could be executed in several stages, depending on market conditions and management decisions.
Next Technology Holding (NXTT) stressed that its Bitcoin reserves are not stored on Binance or managed through the cryptocurrency exchange. Nevertheless, the recent security incident has prompted the company to reassess the risks associated with maintaining such a substantial digital asset position.
CEO Weihong Liu will have the final authority over transaction timing, pricing and the amount of Bitcoin involved. The board’s approval covers sales through cryptocurrency exchanges, privately negotiated transactions and financing secured by Bitcoin. However, the company clarified that the authorization does not mean any transaction will necessarily be executed.
The company’s financial position presents an unusual contrast between its stock market value and cryptocurrency reserves. NXTT shares ended Friday at $5.30, giving the company an estimated equity valuation of approximately $7.8 million based on 1.47 million outstanding shares.
By comparison, its 5,833 BTC holdings would be worth roughly $449 million at a Bitcoin price of $77,000. That makes the value of its Bitcoin reserves more than 50 times its stock market capitalization.
How Next Technology built its Bitcoin reserves
Most of the company’s Bitcoin holdings originated from a significant acquisition in March 2025. Next Technology purchased 5,000 BTC through an agreement arranged earlier, financing the deal with company shares, warrants and a previously paid cash advance.
The acquisition carried a total reported value of $158.1 million, equivalent to approximately $31,600 per Bitcoin.
Next Technology’s annual filing indicates that almost all its Bitcoin is maintained with institutional custodians in Japan. However, the company has not publicly disclosed which institutions are responsible for safeguarding the assets.
Investors also lack access to wallet addresses that could independently confirm the reported 5,833 BTC balance.
CoinDesk has requested additional information from Next Technology regarding its custody arrangements. The publication also asked the company to provide wallet addresses or an independent custodian statement verifying its Bitcoin holdings.
