A Nasdaq-listed company may sell $450 million bitcoin, citing Binance hack and quantum fears

Next Technology Holding (NXTT), a software company based in Japan, said after Friday’s close that its directors had authorized selling or borrowing against its approximately 5,833 BTC in one or more batches.

The company pointed out the Binance hacking incident, exchange vulnerabilities and the potential threat quantum computing poses to bitcoin’s cryptography as reasons behind its decision.

Chief Executive Weihong Liu will decide the timing, price and size of any transactions. The authorization allows exchange sales, privately negotiated trades and bitcoin-backed financing, with no assurance that any will be completed.

Valuation gap

The balance-sheet numbers are striking. NXTT closed Friday at $5.30, putting the value of its roughly 1.47 million outstanding shares at about $7.8 million. At roughly $77,000 per bitcoin, its reported cryptocurrency holdings would be worth about $449 million — or more than 50 times that equity valuation.

Most of the bitcoin came from one transaction. In March 2025, Next Technology acquired 5,000 BTC under a previously negotiated agreement, paying with shares and warrants alongside an earlier cash prepayment.

Custody and verification

Its annual report says “substantially all” of the bitcoin sits with Japan-based institutional custodians, without identifying them. The filings reviewed by CoinDesk do not provide wallet addresses that would let investors independently check the reported balance.