NXTT Authorizes Possible Sale of $450 Million in Bitcoin Holdings

Nasdaq-listed Next Technology Holding authorized a possible sale or financing backed by about 5,833 Bitcoin (BTC), a roughly $450 million position worth more than 50 times the company’s market capitalization. CEO Weihong Liu will set the timing, price and amount of any transaction. NXTT may sell through a trading platform or a private deal, or use the Bitcoin as collateral to secure financing. The board’s approval does not guarantee that a transaction will be completed. The approved options leave open whether NXTT will sell its Bitcoin outright or borrow against it.