Next Technology May Sell $450 Million in Bitcoin After Binance Hack and Quantum Computing Concerns
Next Technology Holding (NXTT), a Nasdaq-listed software company, has authorized potential sales or bitcoin-backed borrowing involving approximately 5,833 BTC worth about $450 million, citing security concerns following the Binance hack and the potential risks quantum computing poses to Bitcoin's cryptography.
The Japan-based company announced the authorization after Friday's market close. Its board approved transactions that could involve selling the cryptocurrency or using it as collateral for financing. However, the company has not committed to completing any transactions, and the timing, pricing and size will be determined by Chief Executive Weihong Liu.
Bitcoin Holdings Far Exceed NXTT's Market Value
The scale of Next Technology's cryptocurrency holdings stands out compared with its stock market valuation. NXTT closed Friday at $5.30 per share, giving its approximately 1.47 million outstanding shares a combined value of about $7.8 million, according to CoinDesk's calculations.
At an estimated Bitcoin price of $77,000, the company's reported holdings of approximately 5,833 BTC would be worth around $449 million. That represents more than 50 times the company's equity market value.
The board's authorization permits several types of transactions, including sales through exchanges, privately negotiated deals and financing secured by Bitcoin. The company has not confirmed whether it will pursue any of these options.
Binance Hack and Quantum Computing Cited as Risks
Next Technology identified the Binance hacking incident, vulnerabilities affecting cryptocurrency exchanges and potential threats from quantum computing as factors behind the board's decision to reconsider its Bitcoin exposure.
The company emphasized that none of its Bitcoin is held on or through Binance. Its concerns therefore extend beyond direct exposure to the exchange, encompassing broader questions about cryptocurrency security and the long-term resilience of Bitcoin's cryptographic protections.
The announcement does not establish that the reported Binance incident directly affected Next Technology's assets. Instead, the company cited the incident as part of its rationale for evaluating whether to sell or borrow against its holdings.
Most Bitcoin Acquired in March 2025
Most of Next Technology's reported Bitcoin position originated from a major acquisition in March 2025. The company purchased 5,000 BTC through a previously negotiated agreement, using shares and warrants alongside an earlier cash prepayment.
Next Technology recorded total consideration of $158.1 million for the transaction, equivalent to approximately $31,600 per Bitcoin at the time. At the estimated price of $77,000 used in the current valuation, those coins alone would be worth substantially more than their original recorded acquisition cost.
The company has not disclosed a final decision to liquidate its Bitcoin holdings. Any sale would depend on the timing and transaction terms determined by Liu under the board's authorization.
Custody Details Remain Unverified Independently
Next Technology's annual report states that substantially all of its Bitcoin is held with institutional custodians based in Japan. However, the filing does not identify the custodians responsible for safeguarding the assets.
Filings reviewed by CoinDesk also do not disclose wallet addresses that would allow investors to independently verify the reported Bitcoin balance. As a result, the publicly available information does not provide a direct on-chain method for confirming the company's stated holdings.
CoinDesk said it had asked Next Technology to identify its custodians and provide wallet addresses or an attestation from a custodian confirming the holdings. The available source material does not include a response to those requests.
source: coindesk
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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