Listed Company NXTT May Sell $450 Million in BTC Over Binance Hack and Quantum Computing Risks

According to CoinDesk, Nasdaq-listed software company Next Technology Holding (NXTT) said its board has authorized the sale of approximately 5,833 BTC from its disclosed holdings, or the use of these bitcoins as collateral for financing, valued at approximately $449 million at the time of reporting.

The company cited the Binance hack, security vulnerabilities on trading platforms, and the potential threat of quantum computing to Bitcoin's cryptography as reasons for the decision, while emphasizing that none of its bitcoins were stored on or held through Binance.

The specific timing, price, and scale of any transaction will be determined by CEO Weihong Liu. The authorization allows for sales via trading platforms, privately negotiated deals, or bitcoin-backed financing, but does not guarantee that any transaction will ultimately be completed.

NXTT closed Friday with a market capitalization of approximately $7.8 million, and the value of its disclosed bitcoin holdings exceeds more than 50 times its market cap. The company's annual report states that nearly all of its bitcoins are custodied by a Japanese institution, but the custodian's name was not disclosed.