China’s largest Bitcoin treasury firm plans $500M stock sale to buy BTC

Key Takeaways:

• Next Technology eyes $500M stock sale to expand Bitcoin treasury
• There is no set strategy or acquisition goals similar to Metaplanet 210,000 BTC by 2027.
• Shares fell 7.4% after the announcement, reflecting investor caution.

Next Technology Holding, known as China’s largest Bitcoin treasury firm, has filed an S-3 registration with the U.S. Securities and Exchange Commission (SEC). The filing outlines a plan to raise up to $500 million through the future sale of common stock, with proceeds potentially allocated toward expanding its Bitcoin reserves.

Next Bitcoin Buy May Lift Holdings to 8,000 BTC

According to the SEC filing, Bitcoin is part of a list of multiple purposes that would be prioritized. This includes working capital, research and development, and possible acquisitions. 

NEXT Technology Holding Inc. has filed a Form S-3 registration statement with the U.S. Securities and Exchange Commission, seeking to raise up to $500 million through a shelf offering. The company intends to use the proceeds for general corporate purposes, including working…

— Wu Blockchain (@WuBlockchain) September 15, 2025

Next Technology has established itself as one of the fastest-rising corporate holders of Bitcoin. The firm already controls 5,833 BTC, with 5,000 acquired only in recent months. 

Data from BitcoinTreasuries shows the holdings are worth about $671.8 million, placing the company 15th among corporate treasuries and ahead of firms such as KindlyMD’s Nakamoto unit, Semler Scientific, and GameStop.

If a substantial portion of the $500 million raise is directed toward Bitcoin, it could significantly increase the company's holdings. Analysts estimate that allocating half the amount could purchase around 2,170 BTC at current prices, boosting its total reserve to over 8,000 BTC.

This strategy mirrors actions by other publicly traded firms. Earlier this year, Semler Scientific registered a similar $500 million offering, with intentions to channel funds into Bitcoin acquisitions and other purposes. 

JUST IN: Semler Scientific files to raise $500 million to buy more #Bitcoin pic.twitter.com/oKxKaBCvZB

— Bitcoin Magazine (@BitcoinMagazine) April 15, 2025

Japanese firms like Metaplanet have also conducted equity raises explicitly to fund aggressive Bitcoin acquisition strategies, aiming to hold 210,000 BTC by 2027.

Are Equity, Debt Notes, and Stock Issuances Driving a New Wave of Bitcoin Treasury Funding?

Next Technology’s plan fits into a larger trend of firms tapping equity and debt markets to expand their reserves. 

Nakamoto, a Bitcoin treasury company under KindlyMD, recently made a $30 million commitment to join Metaplanet’s global equity raise. The move gives Metaplanet more weight in its effort to become Japan’s largest Bitcoin treasury. 

Today Nakamoto announced a commitment to invest $30M in @Metaplanet_JP . This transaction would mark Nakamoto’s largest single investment to date and its first in the Asian market. pic.twitter.com/cOOPOjdVKP

— Nakamoto (@nakamoto) September 9, 2025

The company has already secured $1.4 billion through its latest issuance of 385 million new shares, with most of the proceeds earmarked for Bitcoin purchases.

Other players in Japan have joined the push. In July, Quantum Solutions revealed plans to borrow funds to buy up to $10 million worth of Bitcoin. 

That same month, Strategy, the world’s largest corporate holder, announced the sale of 5 million shares of its Variable Rate Series A Perpetual Preferred Stock at $100 per share. 

The raise brought in another $500 million, most of it intended for Bitcoin accumulation and general purposes.

The immediate response to Next Technology’s announcement underscored the risks. 

Google Finance data shows shares dropped 4.76% to close at $0.14, while after-hours trading pushed them down another 7.43%. Investors remain divided: some view the move as a bold alignment with Bitcoin’s long-term value, while others are concerned about dilution and near-term volatility.