Next Technology Holding Weighs Sale of 5,833 Bitcoin on Binance Hack Concerns
Summary
- CoinDesk reported that Next Technology Holding's board approved the sale of 5,833 Bitcoin it holds, or the use of those holdings as collateral, worth about $449 million.
- The company cited the Binance hack, exchange security vulnerabilities, and the potential threat posed by quantum computers as reasons for the decision, and said it has not yet determined whether it will proceed with an actual sale.
- Next Technology Holding's market capitalization is about $7.8 million, meaning the reported value of its Bitcoin holdings is more than 50 times its market value, though it has not disclosed wallet addresses to verify those holdings.
Forecast Trend Report by Period
Next Technology Holding, a US company listed on Nasdaq, is weighing the sale of about 5,833 Bitcoin. Concerns over the Binance hack and security risks tied to quantum computing are among the main reasons.
CoinDesk reported on October 31 that the board approved a plan to either sell the company's Bitcoin holdings or use them as collateral to raise funds. The holdings are worth about $449 million.
The company pointed to the Binance hack, security vulnerabilities at exchanges and the potential threat quantum computers could pose to Bitcoin's cryptography as reasons for the decision. It added that none of its Bitcoin holdings are deposited with Binance.
Chief Executive Officer Weihong Liu will decide the timing, size and price of any sale. It remains undecided whether a sale will actually take place.
Next Technology Holding has a market capitalization of about $7.8 million. That means the reported value of its Bitcoin holdings is more than 50 times the company's market value. It has not disclosed wallet addresses or other information that would allow those holdings to be verified.
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