New York, May 28, 2026, 09:08 EDT
- Next Technology last quoted at $1.34 before the Nasdaq regular session, after closing Wednesday up 3.1%.
- The company held about 5,833 bitcoin at March 31; bitcoin traded near $73,363 early Thursday.
- Its March quarter loss was driven by a $126.5 million fair-value loss on digital assets.
Next Technology Holding Inc. shares were little changed before Thursday’s U.S. open, with the Nasdaq-listed stock last quoted at $1.34, as investors weighed a thinly traded software-and-bitcoin name whose value now turns heavily on cryptocurrency prices.
That matters now because bitcoin was down about 2.8% at $73,363 early Thursday, putting fresh attention on companies that hold large amounts of the token on their balance sheets.
NXTT closed at $1.34 on Wednesday, up 3.08%, after trading between $1.28 and $1.38 on volume of about 43,230 shares, according to Investing.com historical data. U.S. regular trading begins at 9:30 a.m. ET, with Nasdaq pre-market dealing running from 4:00 a.m. to 9:30 a.m. ET.
The company’s latest filing shows why the stock has become a bitcoin proxy. Next Technology said it held about 5,833 bitcoin at March 31, with a carrying value of about $389.6 million, and said it did not buy more bitcoin during the first quarter.
Its operating business is much smaller. The company reported first-quarter service revenue of $465,228 and a net loss of $105.9 million, compared with net income of $193.4 million a year earlier. The loss included a $126.5 million fair-value hit on digital assets, meaning an accounting loss tied to the market value of bitcoin rather than a cash operating charge.
Next Technology describes itself as running two strategies: AI-enabled software development and acquiring bitcoin. SaaS, or software-as-a-service, means software delivered to customers on a hosted or subscription basis rather than installed locally.
The balance sheet changed sharply in March. The company raised about $157 million through a registered direct offering, a share sale made directly to selected investors under an effective SEC registration, and issued 71.4 million shares plus pre-funded warrants. A pre-funded warrant is a right to buy stock later after nearly all of the purchase price has already been paid.
That financing lifted cash to $159.7 million at March 31 from $5.6 million at the end of 2025, but it also expanded the share count. The company said 76.3 million common shares were outstanding as of April 29.
Competitive context is blunt. Strategy remains the largest public-company bitcoin holder with 843,738 BTC, while American Bitcoin Corp had 7,500 BTC; BitcoinTreasuries listed Next Technology at No. 18 with 5,833 BTC as of May 28.
Seeking Alpha contributor Myriam Alvarez wrote in April that NXTT “combines a small AI-SaaS business with a far larger Bitcoin treasury strategy” and said the stock’s “rapid devaluation isn’t just due to weaker Bitcoin prices.” She pointed to dilution, thin liquidity and regulatory exposure as key risks. Seeking Alpha
But the downside case is plain. The company said it does not hedge its bitcoin exposure, and a 25% bitcoin price decline would cut the fair value of its holdings by about $98.2 million on its March 31 sensitivity analysis. Management also said disclosure controls were not effective and cited material weaknesses in internal control over financial reporting.
For now, the stock is less a clean read on software demand than a leveraged read on bitcoin, dilution and confidence in the company’s controls. That leaves Thursday’s trade exposed to both crypto moves and any sign of fresh issuance.
