China’s biggest corporate Bitcoin company, Next Technology Holding, said on Monday that it wants to sell up to $500 million of its common stock. The company said it plans to use the money to buy more Bitcoin and for other general business purposes.
“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.” the company said in a filing to the U.S. SEC.
Next Technology now owns 5,833 Bitcoin, which is worth about $671.8 million. That makes it the 15th largest corporate Bitcoin holder, according to BitcoinTreasuries.NET. It is ahead of companies like KindlyMD, Semler Scientific, and GameStop. If the company uses even half of the $500 million from the stock sale to buy Bitcoin, it could get about 2,170 more coins. This would increase its total Bitcoin to more than 8,000.
Since the news, the company’s shares have gone up by 28.65%. Currently, it trades for $28.80, according to Google Finance.
It first bought 833 Bitcoin in December 2023 and 5,000 more in March 2024. The average cost of these coins was $31,386 each, which gives the company a paper profit of about 266.7%.
Next Technology said it has no fixed plan for how much Bitcoin it wants to own. The company will watch the market and decide step by step. This is different from companies like Metaplanet and Semler Scientific, which plan to buy 210,000 and 105,000 Bitcoin by 2027.
The company offers most of its software services in the U.S., Hong Kong, and Singapore. It joins a growing list of public companies that own Bitcoin. Right now, 190 publicly listed companies hold Bitcoin, up from less than 100 earlier this year. Together, these companies own over 1 million Bitcoin, which is more than 5% of all Bitcoin.
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