Next Technology Holdings Files For $500 Million Offering To Boost Bitcoin Reserves
Next Technology Holding filed with the US Securities and Exchange Commission on September 15 to sell up to $500 million in common stock. According to Cointelegraph, the Nasdaq-listed company plans to use proceeds for general corporate purposes, including Bitcoin acquisition. The filing states the firm will monitor market conditions before executing purchases.
Next Technology currently holds 5,833 Bitcoin worth approximately $671.8 million. The holdings place the company as the 15th largest Bitcoin treasury firm globally, ranking above KindlyMD, Semler Scientific, and GameStop. The firm purchased its Bitcoin at an average cost of $31,386 per coin, generating paper profits exceeding 266%. Company shares fell 4.76% to $0.14 on Monday, with an additional 7.43% drop in after-hours trading.
Strategic Bitcoin Accumulation Reflects Corporate Treasury Trend
The potential stock offering would allow Next Technology to acquire over 2,100 additional Bitcoin at current prices if half the proceeds fund purchases. This would push total holdings beyond 8,000 BTC, substantially increasing the company's crypto exposure. Invezz reports the firm has not established a hard cap on Bitcoin holdings, distinguishing it from peers with specific accumulation targets.
The filing comes during accelerated corporate Bitcoin adoption globally. Public companies now hold over 1 million Bitcoin collectively, representing more than 5% of total supply. The number of listed companies with Bitcoin treasuries nearly doubled in 2025, reaching 190 firms. We previously reported that Bitcoin's fixed supply makes it an inflation-proof reserve asset, driving institutional interest as companies seek alternatives to fiat currency reserves.
Market Response Reflects Regulatory Complexity For Chinese Firms
Next Technology's stock decline following the announcement reflects investor concerns about share dilution and regulatory risks. The company operates as a Chinese firm trading on US exchanges while seeking Bitcoin exposure, creating jurisdictional complications. CoinLaw research shows China maintains comprehensive bans on crypto activities for domestic entities, making overseas operations essential for Bitcoin access.
Despite regulatory restrictions, Chinese-linked companies continue pursuing crypto strategies through international markets. This approach allows firms to capture Bitcoin's potential returns while navigating domestic policy constraints. The trend demonstrates how regulatory arbitrage shapes corporate treasury decisions in the evolving crypto landscape.
Corporate Bitcoin adoption faces headwinds as traditional investors question crypto volatility's impact on balance sheets. However, early adopters like Strategy (formerly MicroStrategy) have generated substantial returns, encouraging other firms to explore similar strategies. The success of established Bitcoin treasury companies provides precedent for newer entrants like Next Technology, though execution timing and market conditions remain critical factors for achieving positive outcomes.
