Bitcoin's New Wild Card: Next Tech Raises $500M, Buys Crypto with No Cap in Sight

Next Technology Holdings has filed with the U.S. Securities and Exchange Commission to raise up to $500 million through a stock offering, with a portion of the proceeds intended for the acquisition of Bitcoin. The company, which currently holds 5,833 BTC, has seen a 266.7% paper profit on its Bitcoin purchases as of June 2025. Unlike many of its peers, Next Technology has not set a hard cap on how much Bitcoin it intends to purchase, instead opting to continue buying based on market conditions and available liquidity.

The firm's Bitcoin accumulation strategy has evolved rapidly since it began in December 2023. After initially acquiring 833 BTC and remaining inactive for nearly a year, the company executed a major purchase of 5,000 BTC in March 2025 using a combination of cash, stock, and warrants. By the end of June 2025, its Bitcoin holdings were valued at over $670 million. This aggressive approach has been driven by the timing of Bitcoin’s price surge, which rose by over 15% in the first half of 2025, significantly boosting the company’s unrealised gains.

The company’s decision to raise additional capital has been met with mixed market reactions. Shares of Next Technology (NXTT) dropped by nearly 5% during regular trading on the day the news was released, with an additional 7.4% decline in after-hours trading. This reaction contrasts with the broader trend of Chinese-origin companies exploring digital assets to enhance shareholder value. Cango Inc., for instance, has fully transitioned into a Bitcoin mining company, while fashion e-commerce firm MOGU announced a $20 million allocation into Bitcoin and other cryptocurrencies, leading to an 80% jump in its share price.

Next Technology has not ruled out using its Bitcoin holdings for strategic purposes beyond accumulation. The company has stated it may consider pledging Bitcoin for financing, leveraging it through staking or lending, or otherwise generating yield depending on market conditions. The firm also continues to promote its dual-engine model, which combines AI-driven software development with Bitcoin as a treasury reserve asset, as a core differentiator in the competitive financial and tech markets.

In the broader corporate landscape, institutional adoption of Bitcoin has surged in 2025, with public companies now holding over 725,000 BTC, a 135% increase from 2024. Private companies are estimated to hold an additional 300,000 BTC, bringing the total corporate holdings to over 1 million BTC—rivaling sovereign holdings. This trend reflects growing confidence in Bitcoin as a store of value, particularly in light of global inflationary risks and evolving regulatory clarity.