Next Technology Holding, China’s largest corporate Bitcoin financing company, says it aims to sell up to $500 million in common stock to buy more Bitcoin and sell for other purposes.
“We intend to use the net proceeds from the sale of securities provided under this prospectus for general corporate purposes, including but not limited to the acquisition of Bitcoin,” the software company said in a filing with the U.S. Securities Regulatory Authority on Monday.
The next technology currently holds 5,833 Bitcoin (the 15th largest Bitcoin financing company), worth $671.8 million.
By allocating half of its $500 million offer to Bitcoin, NASDAQ-registered companies can scoop up another 2,170 bitcoins at their current prices, bringing the total to over 8,000 bitcoins.
The following technologies are part of a broader Bitcoin financial adoption trend in which public companies rely on stocks, via special purpose acquisition companies that fund stocks, convertible notes, permanent preferred stock offerings, and even Bitcoin purchases.
Currently, 190 publicly available companies hold Bitcoin on their balance sheets, starting the year from under 100, with combined stocks passing 1 million Bitcoin earlier this month.
Michael Saylor’s strategy continues to lead the pack as nearly 639,000 bitcoins are marked on the balance sheet.
The following technology stocks are classified as news
Next Technology (NXTT) shares fell 4.76% on Nasdaq on Monday to $0.14, a further 7.43% off the opening hours when the news was announced, according to Google Finance data.
However, since I bought the first batch of 833 Bitcoin in late December 2023 and bought 5,000 Bitcoin on March 28th, I have added a large amount of paper to Bitcoin Holding.
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The AI-powered software company that provides the majority of its services in the US, Hong Kong and Singapore has purchased Bitcoin at an average cost of $31,386 for a paper profit of 266.7%.
The following technologies employ a monthly approach
Next Technology said it has not targeted the amount of Bitcoin it is trying to hold by submitting “monitoring market conditions.”
This strategy is in contrast to the likes of Metaplanet and Semler Scientific, which announced plans to accumulate 210,000 Bitcoin and 105,000 Bitcoin (1% and 0.5% of Bitcoin supply) by the end of 2027.
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