A small Nasdaq company with a large bitcoin position
Next Technology Holding, a Japan-based software company listed on Nasdaq, said its board has authorized selling or borrowing against about 5,833 bitcoin. At roughly $77,000 per coin, the holding is worth around $449 million. That is a striking figure for a company whose market value was about $7.8 million after Friday’s close, based on its $5.30 share price and roughly 1.47 million outstanding shares. The reported holding is more than 50 times the company’s equity value.
The company said it may act in one or more batches, but there is no assurance that any sale or financing will be completed. Chief Executive Weihong Liu will decide the timing, price and size of any transaction. The authorization covers exchange sales, privately negotiated trades and bitcoin-backed financing.
Why the board is reviewing the risk
Next Technology tied the decision to the recent Binance hack, exchange vulnerabilities and the possible threat that quantum computing poses to bitcoin’s cryptography. The company also said none of its bitcoin is held on or through Binance. That detail matters because the board’s concern appears to be about custody and broader market risk, not a direct loss at the exchange.
Most of the bitcoin came from a single deal. In March 2025, Next Technology acquired 5,000 bitcoin under a previously negotiated agreement. It paid with shares and warrants alongside an earlier cash prepayment. The company recorded total consideration of $158.1 million, or about $31,600 per coin at the time.
Custody questions remain
The annual report says substantially all of the bitcoin sits with Japan-based institutional custodians, but it does not name them. Filings reviewed by CoinDesk also do not provide wallet addresses that would let investors check the reported balance on-chain. CoinDesk has asked Next Technology to identify its custodians and provide wallet addresses or a custodian attestation confirming the holdings.
For now, the plan is only an authorization, not a completed sale. Still, the gap between the company’s equity value and its reported bitcoin position makes the board’s next move worth watching. If Liu decides to sell, borrow or hold, the market will likely focus on how quickly the company confirms the transaction and how clearly it explains the custody behind the coins.
