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  • Next Technology plans to add 2,170 bitcoins from

  • the new offering, raising its total holdings to over 8,000 coins.

  • The company owns 5,833 bitcoins, valued at 671.8 million US dollars, placing it fifteenth among bitcoin-holding companies.

Next Technology Holdings, the largest bitcoin treasury management company in China, announced it will sell common stock worth 500 million US dollars. These funds will be used to invest in more bitcoin purchases and the company's public activities, an artificial intelligence-based software company. This strategic move enables the company to increase its current digital assets by funding equity.

Continuation of the strategic Bitcoin accumulation campaign

The company listed on NASDAQ holds 5,833 Bitcoins on its balance sheet, with a total value of approximately $671.8 million. This makes Next Technology the fifteenth largest company holding Bitcoin in the world, ahead of prestigious companies like GameStop.

If the company invests half of the proposed offering in purchasing Bitcoin, it could gain an additional 2,170 Bitcoins. This strategic move would increase Next Technology's total holdings to over 8,000 Bitcoins at prevailing market prices.

Since launching its Bitcoin strategy in December 2023, the AI-based software company has achieved remarkable returns. Next Technology purchased its first batch of 833 Bitcoins, and in March, it bought an additional 5,000 Bitcoins. The average price of the Bitcoins purchased by the company is 31,386 Bitcoins, resulting in massive cash gains of 266.7%.

Next Technology has not set specific targets for accumulating its Bitcoin assets, unlike its competitors Metaplanet and Semler Scientific. The company announced that it will monitor market conditions monthly, and then make further purchasing decisions.

Next Technology is part of an emerging trend of publicly listed companies that are moving towards Bitcoin treasury strategies through multiple financing options. These options include equity offerings, convertible debt instruments, preferred stock sales, and specialized acquisition instruments to purchase cryptocurrencies.

Currently, there are 190 publicly listed companies on their exchanges with Bitcoin on their balance sheets, double the number recorded in the first half of the year. Their combined holdings of Bitcoin have recently surpassed one million coins, which is over 5% of the total Bitcoin supply. MicroStrategy, owned by Michael Saylor, remains the leading company in corporate Bitcoin adoption, holding nearly 639,000 Bitcoins on its balance sheet.

The market reaction to Next Technology's announcement was not very positive, as the stock fell by 4.76% during regular trading hours. After-hours trading was weak as well, dropping by 7.43%, as traders absorbed the implications of currency devaluation. Furthermore, the company operates its main operations in the United States, Hong Kong, and Singapore, where it provides AI-based software solutions to its clients.