China’s Next Technology Holding plans to sell $500 million in stock to buy more Bitcoin. The company already holds 5,833 Bitcoin worth $671.8 million, ranking it as the 15th largest Bitcoin treasury firm. Allocating half of the offering to Bitcoin could increase its holdings to over 8,000 Bitcoin.

Public companies like Next Technology are increasingly turning to various financial instruments to fund Bitcoin purchases. There are now 190 publicly listed companies holding Bitcoin, with their combined holdings surpassing 1 million Bitcoin, representing over 5% of the current supply. Michael Saylor’s Strategy remains a leader with nearly 639,000 Bitcoin on its balance sheet.

After announcing its plans to sell stock to buy more Bitcoin, Next Technology’s shares fell 4.76% on Monday on the Nasdaq. The company has seen significant paper gains on its Bitcoin holdings since purchasing its first batch in December 2023. Despite the drop in share price, Next Technology has made a profit of 266.7% on its Bitcoin purchases.

Next Technology has not set a specific target for its Bitcoin holdings, opting to monitor market conditions. This approach differs from companies like Metaplanet and Semler Scientific, which have outlined plans to amass specific amounts of Bitcoin by 2027. Next Technology’s strategy remains flexible amidst the ongoing trend of public companies acquiring Bitcoin.

Read more at Cointelegraph: Chinese Bitcoin Firm Targets $500 Million Stock Sale For BTC