NXTT Authorizes Possible Sale of $450 Million in Bitcoin Holdings

Nasdaq-listed Next Technology Holding authorized a possible sale or financing backed by about 5,833 Bitcoin (BTC), a roughly $450 million position worth more than 50 times the company’s market capitalization. CEO Weihong Liu will set the timing, price and amount of any transaction. NXTT may sell through a trading platform or a private deal, or use the Bitcoin as collateral to secure financing. The board’s approval does not guarantee that a transaction will be completed. The approved options leave open whether NXTT will sell its Bitcoin outright or borrow against it. NXTT cited the Binance theft, security vulnerabilities at trading platforms and quantum computing’s potential threat to Bitcoin’s cryptography as reasons for the decision. The company said its Bitcoin is not stored at Binance or held through the exchange.

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