Next Technology Holding, a Nasdaq-listed software company, said its board has approved selling or pledging its bitcoin, about 5,833 coins, in one or more tranches. The coins were worth about $451 million at bitcoin’s price of $77,371 on Saturday afternoon. It is the second listed company in two days to move away from its bitcoin, after Iole, which CryptoWatchDesk last covered on Saturday.
The reason given is custody, not cash. The board said it acted after reviewing the Binance hack, yet none of the company’s 5,833 bitcoin is held on or through Binance, according to the release. It also cited exchange security, hacking and “the potential cryptographic impact of quantum computing”, a risk regulators have started to name in the SEC’s 2027 exam priorities.
The authorisation allows direct sales on exchanges, block trades with specific buyers, or pledging the coins as collateral for loans. The chief executive will decide timing, price, volume and the tranche schedule, the company said. “There can be no assurance as to the timing, amount, price or completion of any sale or pledging transaction, or that any financing will be secured,” it added.
The release was issued at 19:20 ET on Friday, after the market closed. Next Technology shares had closed that day at $5.30, up from $4.85 on Thursday, according to Yahoo Finance data. Monday will be the first session to price the news.
The company disclosed no sale by Saturday afternoon. On the same day, Binance said 90% of the stolen assets were now covered.
This article is for information only and is not investment advice.