China's Next Technology Holding has filed with the U.S. Securities and Exchange Commission to raise up to $500 million through a common stock offering, with plans to use a portion of the proceeds to purchase additional Bitcoin for its corporate treasury. The company, which currently ranks as the 15th-largest corporate Bitcoin holder globally, already holds 5,833 BTC worth approximately $676 million at current prices.
The company acquired its Bitcoin at an average cost of $31,386 per coin, representing an unrealized gain of roughly 270% given Bitcoin's current trading price around $115,000. Next Technology stated it has no fixed target for Bitcoin accumulation but will monitor market conditions for purchasing opportunities. The firm also noted it may sell portions of its holdings for corporate needs or tax strategies, and use some as collateral for future financing.
This move is particularly notable given China's official ban on crypto trading and related commercial activities since 2021. Next Technology and other China-affiliated companies are navigating these restrictions through offshore entities or Hong Kong listings. At least five China-linked firms now appear in the top 100 Bitcoin holder list, including Cango with about 5,400 BTC and Nano Labs with roughly 1,000 BTC.
The announcement reflects a broader trend of public companies steadily adding Bitcoin to their balance sheets. 190 public companies now collectively hold about 1.01 million BTC, representing over 5% of Bitcoin's total supply. Industry leaders continue to expand their positions, with Strategy (formerly MicroStrategy) recently purchasing approximately 6,528 BTC this month to reach 639,000 BTC total, while MARA Holdings confirmed it controls more than 52,000 BTC.