Next Technology Files to Raise $500M, Eyes Bitcoin Purchases

Next Technology Holding, a software and bitcoin treasury company, has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) to raise up to $500 million by selling common stock. 

In a Form S-3 filing on Monday, the company stated that it may sell shares “from time to time” and use the funds for “general corporate purposes”, which could include working capital, R&D, administrative expenses, acquisitions, or buying more bitcoin (BTC).

Next Technology noted it has not earmarked specific amounts for any purpose, giving management broad discretion over how the funds will be deployed. The company views BTC as a long-term asset but admits the strategy is untested. It has no set target for how much bitcoin it will hold. It may also sell BTC periodically, use it for collateralized needs, or find other ways to earn from its holdings.  

“We will continue to monitor market conditions in determining whether to engage in additional financing to purchase additional bitcoin,” Next Technology said in the filing.

Current BTC holdings

The BitcoinTreasuries.NET shows that Next Technology already holds 5,833 Bitcoin worth nearly $672 million, and it was acquired for approximately $183 million. With an average purchase price of $31,386 per coin, the firm is sitting on a 267% paper profit. The company is currently the 15th largest corporate Bitcoin holder, ahead of well-known names like Semler Scientific and GameStop.

Next Technology has often used new share issuances to run its business, settle obligations, and buy assets. For example, in March 2025, it issued over 135 million shares plus warrants to acquire 5,000 bitcoin. If it spends just half of the planned stock sale on Bitcoin, Next Technology could buy another 2,170 BTC at current prices, pushing its stash above 8,000 Bitcoin.

Market impact and the broader trend

Following this news, Next Technology’s share, NXTT, did not perform well. NXTT shares dropped nearly 5% during trading and another 6.46% in after-hours, according to Yahoo Finance.

Next Technology’s latest announcement is part of a growing movement. There are 190 publicly listed companies that hold Bitcoin on their balance sheet. Their collective holdings recently surpassed 1 million BTC, representing more than 5% of the total available supply. 

Also Read: Peter Schiff Warns “Bitcoin Is Topping Out” Ahead of Fed Cut