China's largest corporate Bitcoin treasury firm, Next Technology Holding, announced plans to sell up to $500 million in stock to enhance its Bitcoin assets and for other corporate purposes.
Plans for Stock Sale
Next Technology intends to use the net proceeds from the sale of any securities for general corporate purposes, including Bitcoin acquisition. The company stated it will continue to monitor market conditions.
Current Company Assets
Next Technology currently holds 5,833 Bitcoin, worth approximately $671.8 million, making it the 15th largest Bitcoin treasury firm, surpassing companies like KindlyMD and GameStop.
Market Reaction to News
Following the announcement of the stock sale plans, Next Technology's shares (NXTT) fell by 4.76% to $0.14 on Nasdaq, and further by 7.43% in after-hours trading. However, the company has experienced significant gains on its Bitcoin holdings since their acquisition.
Next Technology Holding is adapting its asset management strategy to increase its Bitcoin portfolio, monitoring market changes and responding to current conditions.
