A Nasdaq-listed software firm with an equity valuation of roughly $8 million says its board has authorized the potential sale of bitcoin holdings worth about $450 million, after the recent Binance hack prompted it to reassess the risks of holding the cryptocurrency.

Next Technology Holding (NXTT), a Japan-based software company, announced after Friday's market close that its directors had approved plans to sell, or borrow against, its approximately 5,833 $BTC, potentially in one or more batches.

The company cited the Binance hacking incident, broader exchange vulnerabilities, and the potential threat that quantum computing poses to bitcoin's cryptography as the reasons behind its decision. It emphasized that none of its bitcoin is held on or through Binance — a clarification that places the company's stated concern with sector-wide exchange risk rather than any direct exposure to the hacked venue.

Chief Executive Weihong Liu will determine the timing, price, and size of any transactions. The authorization covers exchange sales, privately negotiated trades, and bitcoin-backed financing, though the company noted there is no assurance that any transactions will be completed. In other words, the board has opened the door without committing to walk through it, leaving open whether NXTT ultimately sells, borrows against its coins, or simply holds.

The balance-sheet disparity is striking. NXTT closed Friday at $5.30, valuing its roughly 1.47 million outstanding shares at approximately $7.8 million, according to CoinDesk's calculations. At roughly $77,000 per bitcoin, the company's reported cryptocurrency holdings would be worth about $449 million — more than 50 times its equity valuation. That gap makes the bitcoin stack, rather than the software operation, the centerpiece of the announcement.

Most of the bitcoin was acquired in a single transaction. In March 2025, Next Technology purchased 5,000 $BTC under a previously negotiated agreement, paying with shares and warrants alongside an earlier cash prepayment. It recorded total consideration of $158.1 million at the time, or approximately $31,600 per coin — a recorded cost basis that sits at less than half the roughly $77,000 reference price used in CoinDesk's calculations.

According to its annual report, "substantially all" of the bitcoin is held with Japan-based institutional custodians, which the filings do not identify. The filings reviewed by CoinDesk do not disclose wallet addresses that would allow investors to independently verify the reported balance. CoinDesk has asked Next Technology to identify its custodians and provide wallet addresses or a custodian attestation confirming the holdings. Until the company names its custodians or supplies an attestation, the reported balance rests on its own filings alone.

Source: CoinDesk