Next Technology Holding (Nasdaq: NXTT), a small listed company whose balance sheet is mostly bitcoin, said in a press release on Friday 30 October 2026 that its board has authorised the sale or pledging of its bitcoin, about 5,833 BTC. That is worth about $453 million at roughly $77,600 per coin (around 17:39 UTC on 31 October). It is a permission, not a sale: no Next Technology bitcoin sale or pledge has been reported, by the company or by anyone else.
The release went out at 7:20 PM EDT (23:20 UTC), after Friday’s close, under a Cheyenne, Wyoming, dateline. The board acted unanimously, by written consent effective the same day. Its action followed a review of “the security incident recently reported by Binance”, the company says, adding that none of its bitcoin is held on or through Binance.
The size gap explains the attention. CoinDesk calculates an equity value of about $7.8 million, from a $5.30 close on Friday and roughly 1.47 million shares, which puts the bitcoin at more than 50 times the stock market value. Regular trading resumes on Monday 2 November.
What the Next Technology bitcoin sale authorisation covers, and what it leaves open
The resolutions cover “the Company’s Bitcoin holdings in one or more tranches”. The release sets no ceiling in coins or dollars, so as worded the whole position is in scope. Three routes are named: direct sales on crypto exchanges, block trades with specific buyers, and pledging bitcoin as collateral for financing.
The chief executive, Weihong Liu according to the July quarterly report and CoinDesk, decides timing, price, volume and the schedule of tranches, and negotiates the agreements. That authority can be delegated in writing to senior officers, and other officers or directors can act with prior approval from the chief executive or the board. Transactions can start from the effective date; the release mentions no further board vote.
The release states no use of proceeds beyond the aim of reducing risk exposure and enhancing liquidity. It says “there can be no assurance as to the timing, amount, price or completion” of any transaction, and that the company stays with its “AI plus digital assets” strategy.
The board cites Binance, though none of its coins sit there
Custody and market risk are the stated grounds. Binance estimates the impact of the 29 October attack at about $6.3 billion, and our running coverage of the Binance hack tracks the withdrawals and reserves. In the board’s view, hacker attacks, exchange security vulnerabilities and emerging threats, including “the potential cryptographic impact of quantum computing”, have raised those risks for its holdings.
The quantum argument is the company’s own wording, in the release itself. The release came days after an Alice & Bob paper projecting under 30,000 cat qubits for Bitcoin’s curve, on assumptions no existing machine meets. It does not mention that paper.
Selling bitcoin was already part of the stated strategy
The company had written about selling before. The annual report filed on 31 March says the strategy contemplates that the company may “periodically sell bitcoin for general corporate purposes” and raise capital collateralised by its holdings. A March 2026 press release said the bitcoin may be pledged for financing or partially liquidated for cash.
Stockholders also had a say. The proxy statement for the 9 March annual meeting listed the ability to “sell or reduce its BTC holdings” within a package of business strategies, and an 8-K of 12 March reports that package passed by 2,745,703 votes to 100,014. On 30 October that general language became a specific mandate held by the chief executive, with stated reasons.
NXTT bitcoin in figures: $453 million of coins, $7.8 million of stock
The filings give a fuller picture than the release. The quarterly report filed on 24 July is the last balance sheet on file, and its unaudited numbers stop at 30 June.
| Item | Figure | Source and date |
|---|---|---|
| Bitcoin held | About 5,833 BTC | Release, 30 October; unchanged since 31 December 2025 |
| Recorded cost | $183,073,667 (about $31,386 per coin, our arithmetic) | 10-Q, 30 June |
| Carrying value, 31 December 2025 | $516.15 million | 10-K |
| Carrying value, 30 June 2026 | $351.51 million | 10-Q |
| Value at about $77,620 | About $453 million (our arithmetic) | Price around 17:39 UTC, 31 October |
| Cash | $159.04 million | 10-Q, 30 June |
| Stockholders’ equity | $485.35 million | 10-Q, 30 June |
| Stock market value | About $7.8 million | CoinDesk calculation, Friday close |
At Saturday’s price the coins sit about $270 million above recorded cost, by our arithmetic, and that gain exists only on paper until something is sold. The March 2025 purchase of 5,000 BTC accounts for $158.08 million of that cost, and the 833 BTC already held at the end of 2024 for $24.99 million.
Cash rose from $5.62 million at the end of 2025 to $159.04 million on 30 June, after a registered direct offering that closed on 26 March and raised about $157 million. The bitcoin count did not change over those six months. In the same report, filed before the Binance attack, the company said existing cash and other expected sources should cover working capital and ordinary capital spending for the next 12 months.
The 30 October release gives no current cash figure and puts no number on the liquidity it wants. On 1 October the company announced a $35 million research and development budget for the period to 26 March 2027, saying it depended on available funding and was not a binding commitment. The bitcoin release does not mention that budget.
The stock has been through two reverse splits in 11 months: 200-for-1 on 16 September 2025 and 100-for-1 on 10 August 2026, the second cutting about 147.3 million shares to about 1.47 million. The March offering was priced at $1.10 a share, equal to $110 after the later split, so Friday’s $5.30 is about 95% lower by our arithmetic.
The 5,833 bitcoin cannot be checked on-chain
According to its filings, the company holds “substantially all” of its bitcoin in custody accounts at Japan-based, institutional-grade custodians. It names none of them, and we found no wallet address for its holdings in the release or in the annual and quarterly reports. Outside readers therefore cannot confirm the balance on the blockchain, and we could not either.
That is a limit on verification, not a finding about the coins. The year-end balance sits in financial statements audited by CHI-LLTC, and nothing we read suggests the coins are missing. CoinDesk says it asked the company for wallet addresses or a custodian attestation; it reports no reply so far. For background on how custody works, see our guide to wallets and custody.
How it compares with other bitcoin treasury sales in 2026
Other listed holders have sold this year, and we checked the cases below against company documents. Each one gave a purpose for the money. Next Technology has not, and its mandate reaches the whole position.
| Company | What was sold | Stated use | Left afterwards |
|---|---|---|---|
| Strategy, 29 June to 5 July | 3,588 BTC for about $216.0 million | Preferred dividends, refilling the dollar reserve | 843,775 BTC |
| Nakamoto, announced 11 June | About 600 BTC plus derivative positions, about $48 million net | Repaying about $45 million of its Kraken loan | About 4,467 BTC |
| SkyAI, reported 19 October | All of its SOL, down from more than 2 million tokens on 14 September | Tender offer of up to about $201.3 million | No SOL |
| Next Technology | Nothing reported; up to about 5,833 BTC authorised | Not stated | About 5,833 BTC |
The figures come from Strategy’s 8-K of 6 July, Nakamoto’s release of 11 June and our report on SkyAI. Strategy’s sale was about 0.4% of its holdings and Nakamoto’s about 12%, measured against the 5,064 BTC in its report for 31 March, by our arithmetic. Only SkyAI went all the way, and it was selling Solana, not bitcoin.
Sale or pledge: two very different outcomes
A sale ends the exposure and turns the coins into cash, with a possible tax bill and a price impact if a large block hits the market at once. A pledge keeps the bitcoin on the books as collateral for a loan. It also adds risks the release itself lists: margin calls and forced liquidation if the price falls, plus counterparty and custody risk. Nakamoto shows what that looks like: its quarterly report had 4,405 of its 5,064 BTC pledged to a lender on 31 March.
The full position, at about $453 million, is smaller than the $643 million that left US spot bitcoin ETFs on 30 October alone. We make no prediction about the bitcoin price from this authorisation.
What to watch from Monday 2 November
NXTT’s first session after the release is Monday. No share-price reaction has been reported so far.
EDGAR is the next place to look. At 17:59 UTC on 31 October the latest filing on the company’s page was an S-8 from 13 August, and the most recent 8-K dated from 5 August, so the authorisation has been announced by press release only. The release came out on a Friday evening, so that absence says little yet.
Any filing that names a buyer, a lender, a custodian or an amount would answer most of what is open here. Binance has dates of its own: it says withdrawals are on track to restart on Sunday 1 November, and its full proof of reserves is due by Monday 2 November or by 3 November, depending on the source.