Bitcoin Holdings at Risk as Nasdaq Firm Considers $450M Sale Following Binance Hack

Next Technology Holding is preparing for the possibility of selling or securing loans against its 5,833 BTC reserves, which are worth approximately $450 million. The Nasdaq-listed Japanese software firm has cited the recent Binance hack, weaknesses in exchange security and potential quantum computing threats as reasons for reviewing its Bitcoin treasury strategy.

The company’s board approved the proposed transactions following Friday’s market close, allowing Next Technology Holding (NXTT) to sell its Bitcoin or use the cryptocurrency as collateral for financing. The company may execute the transactions in several batches, depending on management’s assessment of market conditions.

According to NXTT, the decision was influenced by growing concerns about security risks across cryptocurrency exchanges and the possibility that future quantum computing developments could undermine Bitcoin’s cryptographic protections. The company also confirmed that none of its reported Bitcoin holdings are kept on Binance or through its platform.

CEO Weihong Liu has been authorized to determine the timing, pricing and volume of any potential transactions. The approval includes Bitcoin sales through exchanges, privately negotiated deals and collateral-backed borrowing. However, the company stressed that the authorization does not guarantee that any transaction will take place.

The size of NXTT’s cryptocurrency reserves stands out against its relatively small stock market valuation. Its shares ended Friday’s session at $5.30, placing its estimated market capitalization at approximately $7.8 million, based on 1.47 million outstanding shares.

By comparison, the company’s 5,833 BTC would be worth approximately $449 million at a Bitcoin price of $77,000. Its digital asset reserves are therefore valued at more than 50 times its total equity market capitalization.

Most of the Bitcoin came from a 2025 acquisition

Next Technology built the bulk of its Bitcoin treasury through a purchase of 5,000 BTC in March 2025. The acquisition was completed under an earlier negotiated agreement and funded through company shares, warrants and a cash advance paid beforehand.

The company reported total consideration of $158.1 million for the transaction, equivalent to an average purchase price of approximately $31,600 per BTC.

Its annual report states that almost all its Bitcoin is held by institutional custodians based in Japan. However, NXTT has not identified the institutions responsible for holding its digital assets.

The company has also not published wallet addresses that would allow shareholders and independent analysts to verify its reported Bitcoin balance directly on the blockchain.

CoinDesk has requested that Next Technology disclose its custody providers and supply wallet addresses or an independent confirmation from its custodians to establish the accuracy of its reported holdings.