Next Technology Holding, recognized as China’s largest public entity holding Bitcoin, is preparing to raise up to $500 million through the sale of common stock. The proceeds from this fundraising endeavor are earmarked for the acquisition of additional Bitcoin, along with financing other corporate initiatives.
Currently, Next Technology holds 5,833 Bitcoin, valued at approximately $671.8 million, positioning it as the 15th-largest corporate Bitcoin holder globally, according to BitcoinTreasuries.NET. The company’s holdings surpass those of notable entities such as KindlyMD, Semler Scientific, and GameStop. If Next Technology allocates a portion of the new funding—potentially half—to Bitcoin, it could enhance its holdings to over 8,000 BTC at existing market prices.
In a filing with the SEC, Next Technology indicated, “We intend to use the net proceeds from the sale of any securities offered under this prospectus for general corporate purposes, including, but not limited to, the acquisition of Bitcoin.” This strategy aligns with a broader trend of public companies leveraging equity raises, convertible notes, and various capital market mechanisms to build Bitcoin as a strategic asset.
The total number of publicly listed companies holding Bitcoin has nearly doubled in 2025, reaching 190 with cumulative holdings surpassing 1 million BTC—over 5% of Bitcoin’s total supply. On the trading front, shares of Next Technology (NXTT) experienced a decline of 4.76% on Monday, dropping to $0.14, with a further decrease of 7.43% in after-hours trading following the announcement.
Despite the share price dip, Next Technology has recorded significant unrealized gains from its Bitcoin investments. It made its first acquisition of 833 Bitcoin in December 2023 and later acquired 5,000 BTC in March at an average cost of $31,386. With Bitcoin trading around $115,000, the company is benefiting from a paper gain of over 266%.
In contrast to other firms like Japan’s Metaplanet and the U.S.-based Semler Scientific, which have set ambitious Bitcoin accumulation targets, Next Technology has opted for a more open-ended approach. “We have no fixed BTC goal and will monitor market conditions” for potential future purchases, the company stated.
This surge in corporate Bitcoin holdings is not limited to Next Technology. Notably, Michael Saylor’s Strategy currently leads the pack with 636,505 BTC, followed by MARA Holdings with 52,477 BTC after a recent addition of 705 BTC. Emerging players, such as XXI founded by Strike CEO Jack Mallers, have accumulated 43,514 BTC. Other significant holders include crypto exchange Bullish (24,000 BTC), Metaplanet (20,000 BTC), and publicly listed companies like Riot Platforms, Trump Media & Technology Group, CleanSpark, and Coinbase.
The ongoing accumulation trend has prompted speculation about a potential supply shock, particularly as only 5.2% of Bitcoin’s fixed supply of 21 million remains to be mined. This increasing corporate demand could exert upward pressure on prices. Several companies are setting ambitious acquisition goals, with Metaplanet and Semler Scientific targeting 210,000 BTC and 105,000 BTC, respectively, by 2027—an increase of ten to twenty times their current holdings.
Globally, corporate Bitcoin ownership is expanding, with 120 public companies in various countries—including Canada, the UK, Hong Kong, Mexico, South Africa, and Bahrain—now engaging in Bitcoin investments.
