Next Technology Holding, a Nasdaq-listed company based in China, has filed with the U.S. Securities and Exchange Commission (SEC) to sell up to $500 million in new shares. The company said proceeds will be used for general corporate purposes, including the purchase of more Bitcoin (BTC). That means not all $500 million is guaranteed to go into crypto.
The news weighed on its stock. Next Technology shares fell 4.76% to $0.14 on Nasdaq on Monday, with another 7.43% drop in after-hours trading, according to Google Finance data. Investors often react negatively to new stock offerings because they dilute existing ownership.
Chinese and Hong Kong Firms Disclose Large BTC Treasuries
Next Technology already owns 5,833 BTC, worth about $680 million at current market prices. The company built its position in stages, first buying 833 BTC in late December 2023, followed by a much larger purchase of 5,000 BTC on March 28, 2024. With Bitcoin now trading far above its average purchase price of $31,386, the company holds a large unrealised profit on those coins.
If Next Technology directs most of the new funds to Bitcoin, its treasury could exceed 8,000 BTC. That would move it higher in global corporate rankings, where it already sits among the top 15 public holders of Bitcoin.
Other Chinese and Hong Kong-listed firms have also disclosed major Bitcoin holdings. Boyaa Interactive owns 3,670 BTC, Cango Inc. holds about 5,400 BTC, and Nano Labs has roughly 1,000 BTC. HK Asia Holdings, now rebranding to Moon Inc., was the first Greater China-listed firm to adopt a Bitcoin treasury strategy.
Together, public companies in China are estimated to hold 13,746 BTC. Separate reports suggest Chinese government entities also control about 190,000 BTC, though details remain scarce.
China’s Complex Relationship With Crypto
These corporate moves come despite mainland China’s strict stance on cryptocurrency. The government banned initial coin offerings in 2017, followed by a sweeping crackdown on trading and mining in 2021. Before the ban, Chinese miners were responsible for more than half of Bitcoin’s global hash rate, meaning China once dominated the network’s computing power.
While Beijing enforces bans domestically, Hong Kong operates under a separate legal system. Regulators there have introduced a licensing framework for digital asset platforms and allowed spot Bitcoin and Ether ETFs to launch earlier this year. Reports also suggest Beijing is exploring yuan-backed stablecoins to boost international currency use.
This split approach has given Hong Kong-listed firms more freedom to treat Bitcoin as a treasury asset, while mainland companies face tighter restrictions.